Veteran analyst and popular futures trader Peter Brandt had accurately predicted this month that Ethereum will fall below $1,200. His prediction turned out to be true a week later and ETH even fell below the $1,000 mark. Brandt is now hinting at further declines by predicting that Ethereum could crash to $300.
If his predictions turn out to be true, Ethereum will shed nearly 70% of its value from its current price of $1,130. Brandt revealed to his 662,000 followers on Twitter that Ethereum has broken down from a head and shoulders formation. He shared a chart claiming that ETH is poised to plummet and head south towards $300.
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“The chart suggests a target of $300. Targets are not sacred – sometimes they are hit, sometimes not, sometimes exceeded. But for now, I would not buy ETH with my enemy’s money. ETH,” he tweeted.
Ethereum falling to $300 would be a disaster as a majority of investors would be deep underwater. Also, Peter Brandt has previously given out accurate predictions and had also predicted the massive Bitcoin crash in 2018.
However, Brandt is not a skeptic of cryptocurrencies unlike Peter Schiff, and had revealed that he believes in the potential of Bitcoin.
“For the record, I’m a long-term BTC bull. I believe in the narrative,” Brandt said in a previous interview.
Nonetheless, he claimed that blind obsession with cryptos will only lead investors toward a downward path. He said,
“From the beginning, I’ve thought laser-eyed HODL-forever love affair is lunatic. Any market that’s had four 80% plus drawdowns in 12 years is NOT an investment, but pure speculation. Marry a spouse, not a coin. Crypto is a bad religion.”
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Ethereum & Bitcoin Under the Radar
Bitcoin and Ethereum are down by more than 70% from their all-time highs, which they reached in November last year. BTC and ETH are now under the radar as they’ve dipped 30% and 43% in the last 30-trading days, respectively. The two leading cryptos dipped double digits last week during the crypto crash and wiped away profits in a jiffy.
It is advised to remain cautious before going all-in on Bitcoin and Ethereum, as analysts have predicted the market is yet to bottom out. At press time, Ethereum was trading at $1,134 and is up 8% in the 24-hours day trade. On the other hand, Bitcoin is trading at $20,606 and is up 5% in the day’s trade.