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Zero Could Be The Ultimate Bottom For Bitcoin, Says Veteran Commodity Trader

Peter Brandt, a renowned commodities trader, says that Bitcoin (BTC) could plunge all the way to zero. Veteran trader mentions that he places his plays on Bitcoin dropping all the way to zero.

The prominent chartist further mentions that the plunge below seventy five hundred USD mark was an inflection point for him. Notably, the trader mentions that he was bullish on the largest cryptocurrency by market cap just a few months ago.

As per Brandt, BTC might either touch hundred thousand USD or zero. After the downward plunge on May 12, the trader now places his bets on the second set-up. 

Earlier in the month of December, the trader pronounced Bitcoin’s spikey route towards hundred thousand USD. The prediction notably included the bottoming at around $5,300 mark in the month of July. However, Bitcoin (BTC) plunged to as low as $3,870 on last Thursday, which is seen as a response to liquidity crisis due to extreme bearishness in the global markets, as seen by several traders.        

At the time of reporting, Bitcoin (BTC) is changing hands at $4861 a pop with a market capitalization of just over $88 Billion, as per coinmarketcap. The coin has seen a drop of around 8% in the last 24 hours. Furthermore, all the top ten cryptocurrencies by market cap are seen in red at the time of reporting with Tezos (XTZ) showing maximum decline of over 19% in the past 24 hours.