Peter Brandt is likely a name you have heard thrown around in the cryptosphere in recent years. Brandt, for those who are unaware, is a commodity markets trader with decades of experience and, a newfound(ish) Bitcoin (BTC). Although the American trader has taken a liking to the flagship cryptocurrency, nearly one year ago, on January 22nd, Brandt called for BTC to pullback drastically, citing a “general [technical analysis] rule.”
At the time, in a tweet that has since garnered 3,300 likes, the chartist explained that after a parabolic advance in markets, an 80%+ decline in value is expected to occur. By the same token, Brandt traced out an 80% decline for BTC, which would see the blockchain-based asset fall to $3,933.