Bitcoin Drop Prediction: This analysis by a popular trader is terrifying

On Tuesday, Bitcoin briefly plunged below $21,000 before paring some of the losses to settle around $22,300 at the time of publication. Nevertheless, this has been a 2.5% decrease in the past 24 hours and more than 51% since the start of the year. But the most interesting part of the entire saga is that the slump in Bitcoin prices had already been predicted days ago by Peter Brandt. 

Brandt is a legendary trader known for his exceptional charting abilities that have been known to be very accurate. For instance, he had predicted the Bitcoin crash in December 2017 that saw cryptos fall into a crypto winter for months. In a 4 June tweet wherein he was responding to the user BigCheds, Brandt predicted that Bitcoin would continue to decline to a low of $20,000

How low can Bitcoin drop?

Going by the current market trend, Bitcoin may just be on track to reach $20,000, but what’s scarier is his most recent prediction. On Monday, Brandt tweeted that Bitcoin could fall below $20,000 unless it could close above the coin’s 31 May high above $32,300 because the coin is trading in a ‘Drano’ chart pattern. If not, Bitcoin could drop to as low as $12,700 an record low not seen since August 2020. 

On a positive note, he did mention that the $19k to $20k support was very solid and is unlikely to be breached. However, the scary thing is that he believes the slump will go on for years, perhaps until early 2024. This would mean that most long term holders will remain in the red for months despite having bought the coin at a low price. But should the downtrend continue, that would certainly be a major drawdown, and one that will have to be absorbed until at least 2024. 

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