March 4, 2021

Cryptheory

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Peter Brandt’s Twitter poll suggests Bitcoin might face six corrections to $200,000

2 min read

TL;DR Breakdown:

  • Peter Brandt’s poll suggests there might be a maximum of six major corrections before Bitcoin reaches $200,000.
  • The least respondents don’t think BTC will be worth such a price. 

Following Bitcoin’s price performance last week, where BTC made another all-time value at over $58,000, some people are hoping for a $200,000-priced Bitcoin in this current market rally. Peter Brandt believes that the leading cryptocurrency will reach $200,000, and so, he conducted a poll on Twitter, asking how many major corrections Bitcoin will face before hitting that target price.

Peter Brandt expects a $200k Bitcoin

Peter Brandt is a veteran commodity trader. In Twitter poll began in about seven hours leading up to press time. So far, more than 13,700 persons have responded to the poll. The majority of the votes (60.6 percent) suggest that Bitcoin will have one to six major corrections before reaching $200,000. By “major correction,” Peter Brandt meant any price drop of over 30 percent.

The second-largest votes (16.3 percent) maintained that the cryptocurrency would not see such a major correction until $200,000. This group believes that Bitcoin will “moon from here.” The third-largest votes (12.1 percent) are the ones that say Bitcoin will face more correction (seven and above) before hitting that target price. Meanwhile, 10.9 percent of the respondent doesn’t think we will see a $200,000-priced Bitcoin any time soon.

They voted that the cryptocurrency has already reached the top at $58,330.

Bitcoin price update

Bitcoin is now trading below its all-time high. At press time, the cryptocurrency was trading at $56,240 on Coinmarketcap, a cryptocurrency tracking platform. There are currently 18,635,368 BTC in circulation, out of the expected maximum supply of 21 million. Based on the BTC value and the circulation supply, the leading cryptocurrency has a $1.039 trillion market capitalization, per Coinmarketcap. 







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