Bitcoin still has a 50% chance of collapsing to zero, according to popular chartist
Commodity trader Peter Brandt continues to stick to his long-held prediction that Bitcoin’s price could potentially fall. collapse to zero.
Chartists still believe there is a 50% chance of such a catastrophic scenario unfolding.
At the same time, Blunt argued that the largest cryptocurrency is equally likely to surge to $250,000, noting that cryptocurrencies have an asymmetric reward-risk trade.
As Reported by U.Todaytraders predicted that zero could be Bitcoin’s ultimate bottom after the cryptocurrency experienced a massive pandemic-induced crash in March 2020.
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Can Bitcoin go to zero?
The largest cryptocurrency has been around for quite some time, but there is still no shortage of naysayers who are convinced it will eventually be forgotten. U. Today, Berkshire Hathaway Vice Chairman reports Charlie MungerLegendary investor Warren Buffett’s right-hand man recently claimed that the chances of Bitcoin going to zero are “extremely likely,” calling cryptocurrencies “stupid” and “evil.” Added.
While such a scenario is highly unlikely, Bitcoin could technically crash to zero. In 2018, economists at Yale University estimated that there is a 0.4% chance that the largest cryptocurrency will go to zero within a day due to an extreme black swan event.
A realistic bearish target?
Speaking of more realistic bearish targets, Brandt recently suggested that the $8,000 level could be the bottom of the ongoing price correction.
The cryptocurrency is trading at $19,197 at the time of writing, down 72.20% from its all-time high.