Veteran trader still has a lot of hope for Bitcoin, despite plunge below $16,000
The savvy trader who has been ready for almost anything on the cryptocurrency market is worried about the direction in which digital assets will start moving in the near future because of this unpleasant fact.
Brandt’s biggest concern right now is the fact that no previous bear phase has taken prices below the high of the previous bull phase until now. This fact could be “a game changer.” Bitcoin has, in fact, shown us performance the market has not really seen before.
It should be noted that the current decline in Bitcoin as of today’s low is only the fifth worst bear market in history. An 80% decline would be 13,800 and an 85% decline would be 10,350. pic.twitter.com/84w8r9KeBf
— Peter Brandt (@PeterLBrandt) November 9, 2022
Brandt is referring to the fact that the first cryptocurrency plunged below the $21,000 price level, which was the ATH of 2017’s bullrun and considered an unbreakable support level for the first cryptocurrency. Unfortunately, the massive outflow of funds from the industry pushed the price of the first cryptocurrency below $19,000, making a four-year return of BTC to 0%.
However, the veteran trader is wrong. Bitcoin has already plunged below its previous ATH and then successfully moved upward. The same condition appeared on the market back in 2015, when Bitcoin dropped by more than 40% from its previous all-time high.
During the dip in 2015, BTC reached the price level of $150 while trading at $259 back in April 2013. In case Bitcoin replicates the same pattern, its price should reach the level of $11,300 and then enter a consolidation that will act as an accumulation period for investors.
Prior to making a note about previously unseen market conditions, Brandt has shown eye-catching statistics about the most recent plunge below $16,000, saying that it is not the toughest plunge BTC has ever seen.