Cryptographic analysts are skeptical about the recent speculation of the trader veteran Peter Brandt on X that Bitcoin could repeat its 2022 model and correct 75%.
“Never say; it seems very improbable at the moment,” the SWYFTX’s main analyst told Cointelegraph.
Peter Brandt says that “doesn’t hurt to ask”
He comes after Brandt’s recent speculative article on X, wondering if the Bitcoin price action (BTC) will reflect the serious decline in 2022.
In November 2021, Bitcoin reached a historic summit of $ 69,000, to drop by around 76% in the next 12 months, reaching around $ 16,195 by November 2022, according to CoinmarketCap data.
“Is Bitcoin $ BTC after its 2022 script a correction of 75%? It doesn’t hurt to ask for this, isn’t it? ” Brandt said on Tuesday in an article.
If a similar drop occurred from the current Bitcoin price of $ 107,810, it would drop at around $ 26,000, a level not seen since September 2023.
However, Hundal maintains that the circumstances are considerably different now. “The difference in macro fundamentals by 2022 is deep,” he said.
“In 2022, we had an economic wood hanging from the era of the trash and revival. The environment today is completely different, ”he explained. An investigation in August 2021 showed that in ten American between 18 and 34 invested part of their COVVI-19 recovery checks in cryptographic assets.
FTX, the position of the Fed and other factors had an impact on the 2021 cycle
The author and analyst of Bitcoin, Andy Edstrom, recognized Brandt’s reasoning for a correction, but did not agree to be also drastic.
“So far, this is the case, but not the magnitude of 75% because the drop between double-sums this year was much less severe than in 2021,” said Edstrom.
Edstrom said that the 2021 cycle “was truncated” by the collapse of the FTC, the EXCHAGEN Crypto “not fulfilling the orders of its customers and selling them in” BTC “paper.
EDSTROM also awarded the sharp drop in 2021 to the movement of the American Federal Reserve to a more fellow position.
Addressing Cointelegraph, the collective senior research analyst Shift, Simon Amery, said that if the federal reserve began to finish quantitative relaxation in November 2021, monetary policy “is now heading in the opposite direction”.
Saylor closes all bear calls on Bitcoin
Meanwhile, the Crypto Colin Talks Crypto analyst thinks that the prediction is unlikely, because the price of bitcoin has not yet culminated. “The feeling is bad enough for it to be a summit. There is no euphoria on the chronology,” he said.
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Hundal said that if a technical analysis “points to a large cyclic washing”, all the evidence he sees is that Bitcoin is “seated at a inflection point to mitigate the conditions”.
The co-founder of the strategy and Bitcoin Maxi Michael Saylor is strongly disagreed with any chance of shooting soon.
“Winter is not coming back,” Saylor told Bloomberg on Tuesday. “We have exceeded this phase; if Bitcoin does not go to zero, it goes to $ 1 million.”
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