Veteran trader Peter Brandt claims that a drop to $21,000 would be the “worst he can envision” for Bitcoin, urging his followers to invest with money they can afford to lose:
After weeks of ambiguous tweets, Brandt has brought more clarity to the table about his own position. The chartist also writes that he’s currently long Bitcoin despite some bearish calls:
Why would someone bail out of non-leveraged longs when the market already had 80% of worst case drop?
Brandt claims that he has reduced his position to 30 percent since the peak but he’s interested in “reloading” it.
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Earlier this week, the veteran trader asked crypto Twitter to identify a single instance when a 50 percent correction from a new all-time high didn’t result in a 70 percent correction, seemingly implying that the flagship cryptocurrency could see more downside pressure.
Bitcoin is currently trading at $37,958, down over 41 percent from its Apr. 14 all-time high.
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