Peter Brandt: Bitcoin Price May Hit $5,500 To ‘Wear Out Bulls’

The latest Bitcoin news show that the most dominant cryptocurrency could spend months trading at $5,500 before it finally recovers – which is an analysis from Peter Brandt, one of the best known analysts in the space.

As a tweet from Brandt on November 21 showed, the analyst revealed his target for Bitcoin with a floor of $5,500. The negative pressure has recently taken over the markets and sent BTC/USD into lows of $6,850. Fortunately, BTC managed to escape and is now at $7,267 with a slight retracement.

I think you are correct — in terms of price anyway. My target of $5,500 is not far below today's low. But I think the surprise might be in the duration and nature of market. I am thinking about a low in July 2020. That will wear out bulls quicker than a price correction.

— Peter Brandt (@PeterLBrandt) November 23, 2019

The length of the bear market “might be a surprise” according to Peter Brandt – but also a trend that continues and makes it last longer than the general consensus suggests.

“My target of $5,500 is not far below today’s low. But I think the surprise might be in the duration and nature of market,” Peter Brandt wrote and added  “I am thinking about a low in July 2020. That will wear out bulls quicker than a price correction.”

If such a status quo endures, it would run in stark contrast to the prevailing mood among the Bitcoin observers. As crypto news sites reported, the popular Stock-to-Flow model for Bitcoin price predicts an average of $8,300 for BTC/USD until next May.

At this point, the block reward halving event should be the one that triggers a bull market. Last week, the fellow trader Tone Vays predicted that the impact of a halving event should be in evidence even several months in advance.

Vays also noted that Bitcoin could drop even lower than what Peter Brandt predicts – to around $4,500 – which the statistician Willy Woo labeled as something that is “entirely possible.” Since the start of this week, Bitcoin has dipped more than 15% and according to Woo, this style of behaviour will characterize the cryptocurrency and the markets going forward.

“I expect way more volatility. Short term bearish is all I’m saying.
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And don’t expect price will repeat past halvenings,” he said.

In July, when the BTC/USD pair fell below $9,500 after the run to highs of $13,800, Peter Brandt warned that the cryptocurrency should see losses of up to 80% of that peak – which would put it at just $2,760.