Veteran trader Peter Brandt thinks that the price of Bitcoin (BTC), the largest cryptocurrency by market cap, could experience a serious price drop. In his statements on the subject, Brandt pointed out that BTC could fall as low as $ 27,000. Considering that it was trading just under $40,000 at the time of writing, this means a drop of $13,000 is expected.
These Disastrous Levels Are Coming! Bitcoin is expected to drop rapidly and the market is expected to take a frightening turn.
Peter Brandt predicts bearish for BTC
Brandt, who gained fame in the cryptocurrency space for accurately predicting the collapse of Bitcoin in 2018, as we reported on Tokensboss.com, told 633,200 Twitter followers that BTC could drop to $ 27,000. The decline of BTC, which is currently traded from just under $ 40,000 to $ 39,600, means a decrease of more than 30 percent. BTC, the largest cryptocurrency by market cap, has dropped more than 2% in the last 24 hours and the last 7 days.
Brandt also thinks that the Nasdaq-100 index may reflect the dot-com collapse of the early 2000s and says on Twitter that the chart gave him a déjà vu. If Brandt’s prediction about the Nasdaq is correct, it is thought that difficult days may come for Bitcoin. The reason behind this is that BTC’s correlation with exchanges is seen at very high levels.
Just this week, popular cryptocurrency trader Jason Pizzino summarized how Bitcoin is highly correlated with the stock market, specifically the Nasdaq 100 index. The analyst states that for BTC to move in a healthy way, it needs to leave the Nasdaq. He points out that whenever there is negativity in the Nasdaq, BTC also falls, and states that if the correlation does not end, more negativity may be seen. Pizzino uses the following expressions:
Some of the challenges we have to overcome are leaving the Nasdaq… As we may be in more negativity on the Nasdaq, the problem lies in the Nasdaq itself, which means more negativity in Bitcoin and Ethereum and of course cryptocurrencies.
For my uninitiated followers on Twitter— Peter Brandt (@PeterLBrandt) April 22, 2022
I'm guided by following principles as chart trader
-Strong opinions, weakly held
-Flexible, not dogmatic about anything
-An opinion is not a position, a position is not an opinion
-A chart is not necessarily my opinion https://t.co/WwfqyYgx3O
Hello there! My name is Oktay from Tokensboss editors. I introduce myself as a business graduate and writer. I have been doing research on cryptocurrencies and new business lines for over 2 years.