Expert Trader Peter Brandt Says 50% Chance Bitcoin Can Go to Zero

cryptonews.com:

Veteran trader and technical analyst Peter Brandt reiterated that the price of bitcoin (BTC) has a 50% chance to drop to $0 – also noting that the world’s number one crypto has an “asymmetrical reward-to-risk trade.”

Brandt stated that, for more than four years now, he has been saying that BTC can indeed climb to hundreds of thousands of dollars per coin – and that it has a 50% chance to accomplish this.

At the same time, the remaining 50% could lead BTC in the very opposite direction as a complete failure.

“This I still believe,” wrote the trader, “but it means that BTC represents a highly asymmetrical reward-to-risk trade.”

Just yesterday, Brandt asked his 676,427 followers on Twitter how low they think BTC can fall before the next bull market begins. A majority of 24,223 voters, or 41.5%, said $12,000, while 30% argued that a low has already been established.

Back in February, when Russia invaded Ukraine, BTC showed resilience despite widespread sell offs in the global markets.

"I think we need a [washout] on big volume in BTC to purge the last of the laser eyes. I am thinking sub $27,000 then I will take a look. We could bounce from $30,000 first, we will see," Brandt told Cryptonews.com at the time. He added that the longest-term narrative for BTC was still valid.

In June, Brandt wrote that the $20,000 level, which marked the high of the 2017 bull market, “could provide [a] relief rally” for bitcoin, although he appeared less optimistic about the longer-term outlook, stressing: 

“But remember — relief rally only.”

On Monday morning (8:25 UTC), BTC was trading unchanged over the past day, sitting at $19,198. Over the past week, it went up 2.1%. It dropped nearly 4% in a month and 60% in a year. It’s also down 72% from its