The legendary crypto analyst Peter Brandt, who knew about the last Bitcoin crash, said that Bitcoin will find new buyers at $ 20 thousand.
Peter Brandt says $20,000 is strong for Bitcoin
Because of his on-the-go predictions, Peter Brandt’s name has been making the crypto headlines lately. Recently, he correctly predicted that Ethereum would reach $1,000. Then, Peter went completely bearish in Bitcoin, pointing to $13,000. The market events of the last few days show that Bitcoin is moving towards its target.
Now, he shared another analytics tweet. This time around, he claims that Bitcoin’s previous 2017 ATH could be retested. Currently, Bitcoin is trading at $21,348.89, about $1,000 higher than the 2017 ATH.
Previous ATH retest
Peter Brandt says retesting this level would be a good thing for Bitcoin right now. According to the analyst, there will be a chance for a bearish reversal, possibly leading to a bull run. Especially when the market has been in free fall for months, many investors are waiting for the bull run. Also, Bitcoin tends to drag the entire market with it. This will be advantageous for investors of other cryptocurrencies.
Many traders say that the biggest support for BTC right now may be the $20,000 region.
Mike McGlone, one of Bloomberg’s top analysts today, compared $20,000 Bitcoin to the previous $5,000 low. He thinks $20,000 was as good a price for BTC as $5,000 two years ago due to dwindling supply. Fidelity chief executive Jurrien Timmer also believes Bitcoin is undervalued and oversold.
Relief rally for Bitcoin
However, Peter was quick to stress that the ATH retest will be short-lived, even if it results in a bull run. He described it as a “help rally”. Aid rallies are common in the crypto market. Meanwhile, such a rally, although short-lived, will give big opportunity to bottom buyers.
Recently, Brandt said that he could drop Bitcoin as low as $13,000. Brandt also advised crypto investors yesterday to protect their capital by saying, “What a Good Moon When There’s No Money.” We, as Kriptokoin.com, have discussed their explanations in this article.
What does on-chain data say for $20,000?
Bitcoin last visited $20,067 in December 2020.
A possible bounce from $20,067 will be enough for the Fibonacci Retracement to return to $25,000, the basis. In addition, in the long run, there is a possibility that individual investors will withdraw their investments. Especially since realized profits fell to a 19-month low following the crash.
BTC supply on exchanges has yet to see an increase, indicating that investors are avoiding selling for now. This is a good sign if Bitcoin plans to recover soon.
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