The veteran trader who accurately predicted Bitcoin’s 2018 crash has issued a new warning that a serious downside could be imminent.
Veteran market analyst Peter Brandt told his 651,800 Twitter followers that a massive capitulation event is likely, which could lead to a sustained decline, if bitcoin does not recover from its May 31 high of $32,000 soon. .
“Unless Bitcoin (BTC) can close above the May 31 highs, this chart may become a textbook example of the famous ‘Drano’ chart pattern.”
Source: Peter Brandt / Twitter
Looking at Brandt’s chart, bitcoin appears to have broken out of a major sideways channel, with its next solid support near the $12,700 target on the weekly time frame.
Over the past 7 days, the price of bitcoin has dropped from $31,589 to $20,846, a decline of over 34%. With the target set by Brandt, the risk of Bitcoin continuing to fall will exceed 40%.
Looking at Binance’s bitcoin transaction data, more and more BTC holders have opted to “surrender” to liquidate their positions, causing huge losses in despair.
However, there are still some people in the market who took advantage of this downtrend to earn more than 2000% returns. How did he make it? If you want to know the answer, you need to understand one of the most popular investment methods currently.: 100x Leveraged Futures Trading Cryptocurrencies,
What is the difference between it and spot?
The traditional position can only buy and wait for the increase to make a profit. With 100x leveraged futures trading, you can either buy (go long) or buy (go short), which means you can take profits whether the market rises or falls. What’s more, you have 100x leverage to increase your profits.
How does 100x leverage work?
With 100x leverage applied, traders can invest 1 BTC to open a position of 100 BTC (predicting that the price of BTC will go up) or short (predicting that the price of BTC will go down). If we use 1 BTC to open a short perpetual contract at a price of $32,000 and close it when bitcoin is trading at $22,000, our profit ($32,000 – $22,000) * 100 BTC/$ 22,000 would be 45.45 BTC, making the ROI 3124%. ,
The photo below is shared by Pit24 on Bitwell’s social media:
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