Trader Who Nailed Epic Bitcoin 2018 Collapse Says Extreme BTC Correction Looming – Here’s His Target

Trader Who Nailed Epic Bitcoin 2018 Collapse Says Extreme BTC Correction Looming – Here’s His Target


The veteran trader who accurately called Bitcoin’s 2018 meltdown is issuing a fresh warning that a severe correction could be looming for BTC.

Seasoned market analyst Peter Brandt tells his 651,800 Twitter followers Bitcoin must recover its May 31st high of around $32,000 to avoid the risk of a massive capitulation event.

“Unless Bitcoin (BTC) can close above the May 31st high, this chart could become a textbook example of the famed ‘Drano’ chart pattern.”

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Source: Peter Brandt/Twitter

Looking at Brandt’s chart, Bitcoin appears to have broken down from a big sideways channel and his next reliable support on the weekly timeframe is around his target at $12,700.

At time of writing, Bitcoin is changing hands for $21,758, down over 16% in the last 24

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