Bitcoin massively corrects from June highs: Peter Brandt maintains the bull market "will work itself out.”
|- The drop in Bitcoin price is reminiscent of the drop in the price of other major cryptocurrencies.
- Past Bitcoin bull markets have had up to 50% price correction according to Brandt.
Bitcoin continues to lead the market in declines from June highs that were essentially 2019 highs. At the time of writing Bitcoin is trading marginally below $10,000 after correcting from $9,733 support. The drop in Bitcoin price is reminiscent of the drop in the price of other major cryptocurrencies as well as the total market cap which is now under $300 billion.
In spite of the correction, the renowned Bitcoin bull Peter Brandt has encouraged investors not to panic due to the drop from the recent highs. In fact, he tells investors to continue buying ahead of the impending parabolic bull market.
“Just because we had a one or two-day correction, that really doesn’t mean anything. You can go back in the Bitcoin history and find out all kinds of 30 to 50 percent corrections within a bull trend. So I think this thing will work itself out.”
Brandt takes into account Bitcoin price action since 2008. In another tweet, he said that Bitcoin is “a market like no other.” He later said that for those who own Bitcoin, they must be willing to stick with it to zero.
"If you can’t ride what you own to zero, then you own too much."
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