Peter Brandt Predicts Ether May Collapse to $300

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Alex Dovb­nya

Vet­er­an trad­er Peter Brandt remains uber-bear­ish on Ethereum in spite of the mas­sive price correction 

In a recent tweet, trad­ing leg­end Peter Brandt pre­dicts that the price of Ether, the world’s sec­ond-largest cryp­tocur­ren­cy by mar­ket cap­i­tal­iza­tion, could plunge to as low as $300.

ETH
Image by @PeterLBrandt

To under­score his extreme bear­ish­ness, Brandt said that he wouldn’t be buy­ing the lead­ing alt­coin with his enemy’s money.

On Sat­ur­day, the cryp­tocur­ren­cy col­lapsed to as low as $881 on the Binance exchange, its low­est lev­el since Decem­ber 2020.

After a mod­est relief ral­ly, ETH is now chang­ing hands at $989 on Binance, but over­all sen­ti­ment remains over­whelm­ing­ly bearish.

Ether is now down near­ly 80% from its record peak of $4,878 that was achieved back in November.

The chief alt­coin would have to decline anoth­er 69% from here in order to reach Brandt’s bear­ish price target.

When it comes to Bit­coin, Brandt still claims that there’s a 50% chance that it becomes “basi­cal­ly worthless.”

With that being said, he doesn’t rule out a sce­nario in which the top cryp­tocur­ren­cy even­tu­al­ly reached $500,000.

Brandt has clar­i­fied that he remains bull­ish on the price of Bit­coin in the long term. How­ev­er, he harsh­ly crit­i­cized those com­mu­ni­ty mem­bers who choose to mar­ry their invest­ment instead of think­ing ratio­nal­ly. “Cryp­to is a bad reli­gion,” Brandt said.

The vet­er­an trad­er has been a long-time crit­ic of exces­sive mar­ket exu­ber­ance, slam­ming laser-eyed Bit­coin advocates.

The chartist still views Bit­coin as mere­ly a tool for spec­u­la­tion, seem­ing­ly reject­ing the idea that it has now become a legit­i­mate investment.

Ear­li­er this month, Brandt accu­rate­ly pre­dict­ed that the price of Ether would con­tin­ue plung­ing lower.



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