The price of the first crypto coin will continue to fall and may bottom out below $1000, according to the legendary trader and tech analyst Peter Brandt.
If I interpret the chart without bias, I would say sub $1,000— Peter Brandt (@PeterLBrandt) March 12, 2020
In this way he answered the question about his previous forecast for the price of bitcoin in the region of $5500. Then he said that it is necessary for the sustainable growth of bitcoin to new highs in the region of $50 thousand.
However, market conditions have also changed.
Brandt wrote that if you interpret the chart without bias, he would say that the bottom will be below $1000.
Recall that on the night of Friday, March 13, the price of BTC at some point fell to $3800, losing more than 50% of the cost in just a day.
Note, that currently, the Bitcoin hash is at 97.9 EH/s, although a little over a week ago, this indicator was 136.264 EH/s. Thus, the decrease in the total network capacity of the leading crypto amounted to 30%. Analyst Jacob Canfield believes that in some countries, it is profitable to mine Bitcoin until its price reaches $4000. More about this in our article "Bitcoin hashrate decreased by almost 30%".