Veteran trader Peter Brandt believes that Bitcoin (BTC) could be headed for a sharp price decline.
Brandt, who has gained notoriety in crypto circles for correctly describing the 2018 Bitcoin crash, Says 633,200 followers on Twitter BTC could drop to $27,000.
This move would represent a decrease of more than 31% for Bitcoinwhich is trading at $39,627.71 at the time of writing. The top-rated crypto asset by market capitalization has fallen more than 2% in the past week and more than 7% in the past 30 days.
Brandt also speculates that the Nasdaq-100 may reflect the collapse of the Internet in the early 2000s, say On Twitter that chart gives him deja vu.
“It’s Deja Vu again. “
Yogi Berra, American philosopher of the late twentieth century.
If Brandt’s prediction on the Nasdaq is correct, it could mean tough days for Bitcoin.
Just this week, famous crypto trader Jason Pizino the summary How is Bitcoin closely related to the index?
The analyst explains,
“Some of the challenges we have to overcome are the separation from the NASDAQ…
The problem with the Nasdaq itself is that we may be facing more downside on the Nasdaq which means more downside for Bitcoin, Ethereum and of course cryptocurrencies.”
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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should perform their due diligence before making any high-risk investments in bitcoin, cryptocurrency or digital assets. Please be aware that your transfers and transactions are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrency or digital assets, and The Daily Hodl is not an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.
Featured Image: Shutterstock / jamesteohart / Natalia Siiatovskaia
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