Peter Brandt’s Bold Move
Seasoned trader and renowned market analyst, Peter Brandt, has openly admitted to shorting Ethereum (ETH) on Friday. The veteran trader, who has made a name for himself by accurately predicting various market trends, believes that the second-largest cryptocurrency by market cap could soon be trading at around $650 per ETH.
Brandt’s Market Predictions
Brandt, who has over 40 years of experience in commodity trading, is no stranger to making bold market predictions. He has previously correctly predicted the Bitcoin crash of 2018 and the subsequent bull run. His latest prediction, however, has sent ripples through the crypto community, given the current bullish trend of ETH.
Why $650?
Brandt’s prediction of a $650 price point for ETH is based on his analysis of the cryptocurrency’s price chart. According to him, ETH is currently in a «corrective phase» and could experience a significant drop in value before it starts to climb again. He believes that this drop will take the price of ETH to around $650, which is significantly lower than its current trading price.
Community Reactions
The crypto community has had mixed reactions to Brandt’s prediction. While some traders agree with his analysis, others believe that ETH’s current bullish trend will continue, and the price will not drop as low as Brandt predicts.
Contrary Opinions
Many traders and analysts believe that the current market conditions are favorable for ETH and that the cryptocurrency could continue its upward trend. They argue that the ongoing development in the Ethereum network, such as the upcoming Ethereum 2.0 upgrade, could push the price of ETH even higher.
Brandt’s Track Record
Despite the skepticism, it’s worth noting that Brandt has a strong track record when it comes to market predictions. His accurate prediction of the Bitcoin crash in 2018 earned him a reputation as a reliable market analyst. Whether or not his prediction for ETH will come to pass remains to be seen, but it’s clear that his opinion carries weight in the crypto community.
Wait and Watch
As with any market prediction, only time will tell if Brandt’s forecast for ETH will come true. In the meantime, traders and investors are keeping a close eye on the market, waiting to see if ETH will indeed drop to $650 or continue its bullish trend.
Conclusion
Regardless of whether Brandt’s prediction comes true or not, his announcement has certainly stirred up the crypto community and sparked a lively debate about the future of ETH. It’s a reminder that, despite the current bullish trend, the crypto market remains highly volatile and unpredictable.