Veteran dealer Peter Brandt thinks Bitcoin (BTC) might be headed for a critical worth dip.
Brandt, who gained notoriety in crypto circles for accurately calling Bitcoin’s 2018 collapse, tells his 633,200 Twitter followers that BTC may drop to $27,000.
The transfer would symbolize a greater than 31% lower for Bitcoin, which is buying and selling at $39,627.71 at time of writing. The highest-ranked crypto asset by market cap is down greater than 2% prior to now week and greater than 7% prior to now 30 days.
Brandt additionally speculates that the Nasdaq-100 index might be mirroring the dot-com crash of the early 2000s, saying on Twitter that the chart is giving him déjà vu.
“‘It’s Deja Vu another time.’
– Yogi Berra, late twentieth Century American thinker.”
Ought to Brandt’s prediction concerning the Nasdaq maintain true, it may imply tough days forward for Bitcoin.
Simply this week, well-liked crypto dealer Jason Pizzino outlined how Bitcoin is very correlated to the index.
Explains the analyst,
“A number of the challenges that we’ve received to get by means of is decoupling from the Nasdaq…
The issue lies with the Nasdaq itself being that we might be in for extra draw back within the Nasdaq which implies extra draw back in Bitcoin and Ethereum and naturally cryptocurrencies.”
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Featured Picture: Shutterstock/jamesteohart/Natalia Siiatovskaia
