Peter Brandt: Bitcoin Could Hit $5,500 in 2020

November 25, 2019 | Digital Assets, Investments, News

The Factor CEO Thinks the Bulls Could Throw in the Towel

Peter Brandt, the Factor LLC CEO, said that Bitcoin could drop to $5,500 before it shows a recovery. In a Tweet sent on November 21, Brandt set his floor price for the world’s largest cryptocurrency.

“My target of $5,500 is not far below today’s low. But I think the surprise might be in the duration and nature of [the] market,” he wrote.

He also said that he expects the low to occur in July 2020.

“That will wear out bulls quicker than a price correction.”

Peter Brandt vs. Charles Hoskinson

Peter Brandt wasn’t the only person to offer a bearish prediction in the CoinTelegraph report this week. In addition, crypto trader Tone Vays set a flow of about $4,500 for Bitcoin. That five alighted with the possibility accepted by Willy Woo.

“I expect way more volatility. Short term bearish is all I’m saying. And don’t expect [the] price will repeat past halvenings,” Woo said last week.

The predictions came around the same time that Cardano Founder Charles Hoskinson forecasted that Bitcoin would soon bounce back to $10,000.

Hoskinson wrote Nov. 22 that he thought market manipulation and media “FUD” – fear, uncertainty, and doubt – played roles in the receipt downturn.

Hoskinson says Bitcoin will rebound and push toward six-figures in the future.

“Bitcoin’s price is going down?” he tweeted. “Remember everyone, after the FUD, news trading and manipulation clears out, we still have a global movement that’s going to change the world. We will see 10k btc again and welcome 100k. Crypto is unstoppable. Crypto is the future.”

Related: Bitcoin Goes Vertical After Chinese President Xi Jinping’s Pro-Blockchain Remarks

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