Bitcoin Today 10/11/2024: trader predicts 75% correction in BTC
Little by little, Bitcoin (BTC) recovered the losses recorded in the last two days and rose again to levels of US$61,000. This Friday (11), the cryptocurrency rose 0.2% and its price reached US$61,095, according to CoinGecko.
Even with this appreciation, Bitcoin still accumulates losses of 2.79% for the week. Its price fell from nearly $63,000 to $61,000 in a few days, driven in part by a cut in global liquidity this week.
In the last 24 hours, however, the Top 10 cryptocurrencies have mostly increased. XRP stood out in the day's movements with gains of 2.2%, while Dogecoin (DOGE) rose 1.8%. Ethereum (ETH), in turn, appreciated 0.8% and returned to above US$2,400.
Despite Bitcoin's rise in the last 24 hours, many traders remain pessimistic about its performance in the medium term. One of them is the experienced Peter Brandt, who now predicts a 75% correction in the cryptocurrency's price, which could see BTC reach a low of US$15,000.
Trader predicts strong drop in Bitcoin
The price of Bitcoin is facing strong selling pressure once again and reached US$58,900 on Thursday (10). This sharp drop came after inflation data from the United States, which shows higher inflation than expected by the market.
Although Bitcoin has recovered, trader Peter Brandt predicts the possibility of a 75% correction from here. He drew the community's attention to an important historical trend that would prove his prediction.
In his X account, Brandt highlighted the concept of “market analogues”, pointing out that it has been 30 weeks since Bitcoin (BTC) reached its all-time high (ATH). This occurred in March, right before the halving, when BTC reached $74,000.
According to Brandt, whenever BTC price failed to make a new decisive high within this period, it faced a significant decline of over 75%. Therefore, if the historical pattern repeats, there is enough possibility of another similar crash ahead. If this happens, the price target for BTC could reach $15,000.
Between fears and laughter
Peter Brandt's recent observation scared some Bitcoin enthusiasts, stating how wrong he was during his prediction in 2023. However, Brandt laughed off these claims and made an X analogy.
“I'm always amused by people who confuse a market observation with a market opinion. Drivers who cannot turn their heads in both directions always end up in an accident,” he wrote.
On the other hand, investors remain hopeful about China's $283 billion stimulus this weekend. Furthermore, the drop in interest rates in the US is also seen as a catalyst for price growth.
Fernando Pereira, an analyst at Bitget, highlights that Bitcoin may register some smaller appreciations over the weekend due to the MVRV.
“Currently, MVRV is looking for the zone of historical loss realization for traders, this is a region that usually delivers short-term increases. We may see slight increases this weekend”, he explains.