Trader Peter Brandt believes that in the long term, Bitcoin is still able to reach the $ 100 thousand mark. Twitter after a comment by one of the users on his negative outlook for bitcoin, RBC Crypto reports.
I still believe in the long-term narrative that takes BTC to $100k
— Peter Brandt (@PeterLBrandt) June 7, 2021
Brandt has already argued that in the worst case, the main cryptocurrency can fall in price up to $ 21 thousand. In this regard, the trader advised crypto investors only buy digital coins with money that they can afford to lose.
Big picture perspective on owning $ BTC in appropriate size with money you can afford to lose
Market topped $64,7kf
Market corrected to $30,0k
Worst I can envision is $21,0kWhy would someone bail out of non-leveraged longs when the market already had 80% of worst case drop?
— Peter Brandt (@PeterLBrandt) June 2, 2021
The bitcoin rate began to decline in the second half of May against the backdrop of a negative news background. Last month, Tesla announced that it was abandoning bitcoin as a means of payment, and its CEO Elon Musk has repeatedly criticized the main cryptocurrency.
The Chinese authorities called for strict regulation of mining and crypto trading. This led to an outflow of miners from China and a decrease in the hash rate of the bitcoin network.
Bitcoin fell 37% in May. As of June 7, the digital coin is trading at $ 36.5 thousand, and its capitalization, according to CoinGecko, is $ 676 billion.
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