Bitcoin's move above $4,000 is a dead-cat bounce - Peter Brandt
- Bitcoin stays above $4,000 despite correction.
- Peter Brandt is positive in the long run.
Bitcoin reached $4,147 high on Thursday and retraced to $4,047 by the time of writing. The largest digital coin stays above $4,000 handle, which is a positive sign the bulls that hope for an extended rally towards the next aim at $4,500. BTC/USD has gained nearly 5% in recent 25 hours; however, it is down 1.5% since the beginning of Friday.
Meanwhile, many traders and seasoned investors believe that it is still too early to claim that the worst is over. Thus, a 71-year-old trading veteran Peter Brandt, a 71-year-old trading veteran, told Yahoo Finance that the trend had not changed yet, while a move above $4,000 was a dead cat bounce.
“I really don’t think it’s going anywhere — maybe $4,600,” he commented.
Brandt expects Bitcoin to dip below the psychological level of $3,000 by the end of 2019’s first quarter. However, if the dead-cat-bounce scenario plays out, Bitcoin may collapse to $1,200, the expert predicts.
“It’s a possibility, this is a strong downtrend,” he added. “There is a tendency in bear markets to retest previous highs … but then I think it gets exciting again.”
In the long run, Brandt does not exclude that Bitcoin may return to the levels of December 2017 - provided it survives another upcoming sell-off.
Author
Tanya Abrosimova
Independent Analyst
