Career trader Peter Brandt is raising eyebrows after crafting a chart comparing Bitcoin’s current price action to historical precedent.
— Peter Brandt (@PeterLBrandt) May 19, 2021
“Through 46 years as a trader I have suffered through some tough trades. I know what it is like to worship at the Porcelain (sic) alter. I am not without feelings and will discontinue Tweeting about cryptos for a month or so knowing some of you are experiencing pain.”
Bitcoin briefly fell more than 50% from its record high in April on Wednesday, to a low of $30,415. While sarcastically noting that the entry of institutional investors was “supposed” to reduce volatility, the career trader points out that the drop is the largest correction since Bitcoin fell 72.2% between June 28th, 2019 and March 13th, 2020.
“Now officially the largest correction since the March 2020 low. But how can this be????? There is supposed to be institutional support. BTC. This was not supposed to happen!!!!!”
“I have entered orders overnight to buy BTC at $32,501.”
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