Bitcoin Expects to Fall by Another $3,000, Asserts Veteran Trader

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A flurry of historical Bitcoin fractals suggests that Bitcoin will continue its decline by another $3,000. Veteran trader Peter Brandt made the bearish call in a tweet published Thursday, hours after Bitcoin fell by up to 16.31 percent from its local high of $19,500. He added that the cryptocurrency might extend its downside correction until it hits the lower $14,000 levels, citing similar bearish moves during the 2015-2017 bull run. Excerpts: “During the 2015-2017 bull market in Bitcoin (BTC), there were 9 significant corrections with the following averages: 37% decline from high to low [followed by] 14 weeks from one [all-time high] to the next [one].” Bitcoin Fractals Bitcoin rallied by almost 100 percent six weeks in a row, hitting its yearly high at $19,500 just this Monday. Prospects of growing institutional investments, followed by a favorable macroeconomic outlook led by a depreciating US dollar and negative-yielding debt, allowed the…

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