The crypto market recently crashed terribly and has not yet returned to previous levels. The plunge was caused by the coronavirus and the general thought is that things might not recover as expected until there is some headway with the COVID-19 spread. Popular analyst and trader Peter Brandt, however, has a much worse forecast for both Bitcoin (BTC) and Gold.
In a recent tweet, Brand posted a Gold chart, suggesting that things could get worse, pushing the asset to hover around $1000.
“There should be support for Gold prices under $1,400. If price drops below $1300, then $1,050 here we come.”
Currently, Gold is trading at $1,528.60, after climbing 2.87%.
In a subsequent tweet, Brandt gave his 2 cents on Bitcoin. Asked for his thoughts on the king coin, Brandt gave a bearish response.
“Leaning toward $1,000, but there remains one “pie-in-the-sky” bullish chart construction possibility.”
Just last week, Brandt wrote on twitter that his interpretation of the Bitcoin chart “without bias”, puts the asset below $1,000.
A plunge below $1,000 would be a terrible crash for the Bitcoin community and the crypto market in general. However, it will present an amazing opportunity for investors.
Earlier this year, Brandt was a bit more bullish on Bitcoin and predicted that $21,400, beating its current all-time high, might be possible.