Veteran trader and market analyst Peter Brandt recently provided his opinion on Bitcoin’s continual price dip. According to him, Bitcoin will go through severe price corrections before touching the $200,000 mark. Brandt was referring to similar price corrections during the 2015-17 bullrun when the average price of Bitcoin decreased by 30%.
Bitcoin to Face Severe Price Corrections
Bitcoin has dropped from its all-time high of $58,000 recorded a week ago to trade around $47,217 at the time of writing, signifying a drop of approximately 20%. Despite its severe pullbacks, the price of the leading crypto asset has grown by more than 300% in 2020 and has been on an upward trend.
Brandt too remains optimistic on the latest price pullbacks saying it could make the market healthy again. This also wipes out those investors that only bought the cryptocurrency due to the FOMO factor.
FOMO Buyers Needs to Get Wiped Up
On Feb. 21, the leading cryptocurrency set a new record of an all-time high above $58,0000, resulting in the belief that the valuation of Bitcoin touching $100,000 was achievable in 2021.
This ignited something among the Bitcoiners to change their Twitter DP to Bitcoin eyes laser eyes to anticipate the surging price of Bitcoin.
In response to this, Brandt updated his Twitter thread today saying Bitcoin can go up again once the FOMO buyers sporting Bitcoin eyes are able to handle their losses.
$BTC will go higher once all the FOMO buyers who had laser eyes on Twitter take their losses
— Peter Brandt (@PeterLBrandt) March 1, 2021
He meant to indicate that unbridled exuberance was only predictive of a market that only temporarily overbought.
Brandt refers to the #LaserRayUntil100K challenge with major proponents, industry leaders, thought leaders, and the regular crypto folks to change their Twitter profile pictures to include laser eyes. The trend spread like wildfire joining among the likes of Elon Musk to U.S. Senator Cynthia Lumis.
The crypto community has vowed to add the Laser Eyes effect to their Twitter profile pictures without removing them until the largest cryptocurrency hits $100,000.