Veteran analyst and popular futures trader Peter Brandt had accurately predicted this month that Ethereum will fall below $1,200. His prediction turned out to be true a week later and ETH even fell below the $1,000 mark. Brandt is now hinting at further declines by predicting that Ethereum could crash to $300.
If his predictions turn out to be true, Ethereum will shed nearly 70% of its value from its current price of $1,130. Brandt revealed to his 662,000 followers on Twitter that Ethereum has broken down from a head and shoulders formation. He shared a chart claiming that ETH is poised to plummet and head south towards $300.
“The chart suggests a target of $300. Targets are not sacred – sometimes they are hit, sometimes not, sometimes exceeded. But for now, I would not buy ETH with my enemy’s money. ETH,” he tweeted.
Ethereum falling to $300 would be a disaster as a majority of investors would be deep underwater. Also, Peter Brandt has previously given out accurate predictions and had also predicted the massive Bitcoin crash in 2018.
However, Brandt is not a skeptic of cryptocurrencies unlike Peter Schiff, and had revealed that he believes in the potential of Bitcoin.
The chart suggests a target of $300. Targets are not sacred — sometimes they are hit, sometimes not, sometimes exceeded. But for now I would not buy $ETH with my enemy's money $ETH pic.twitter.com/syZvhGxve2
— Peter Brandt (@PeterLBrandt) June 18, 2022
“For the record, I’m a long-term BTC bull. I believe in the narrative,” Brandt said in a previous interview.
