In the long term, the main cryptocurrency has prospects to restore the positions lost in May and move to a new growth cycle, the analyst said.
Trader Peter Brandt believes that in the long term, bitcoin is still able to reach the $ 100 thousand mark. He wrote about this on Twitter after one of the users commented on his negative outlook for bitcoin. Brandt has already argued that in the worst case, the main cryptocurrency can fall in price up to $ 21 thousand. In this regard, the trader advised crypto investors to buy digital coins only with money that they can afford to lose.
Laser eyes
— Peter Brandt (@PeterLBrandt) June 6, 2021
I still believe in the long-term narrative that takes BTC to $100k
— Peter Brandt (@PeterLBrandt) June 7, 2021
The bitcoin rate began to decline in the second half of May against the backdrop of a negative news background. Last month , Tesla announced that it was abandoning bitcoin as a means of payment , and its CEO Elon Musk has repeatedly criticized the main cryptocurrency.
The Chinese authorities called for strict regulation of mining and crypto trading . This led to an outflow of miners from China and a decrease in the hash rate of the bitcoin network.