After Bitcoin (BTC), the world’s largest cryptocurrency, failed to hold the $37,000 support and fell more than 10 percent, several cryptocurrency analysts say they expect more collapses in BTC and altcoins in the coming days. As Kriptokoin.com, we provide the details…
According to Brandt, Bitcoin could fall to $28,000
An analyst who has made such predictions for Bitcoin, an experienced Futures and FX trader who has been trading since 1975. It was Peter Brandt. According to Brandt’s analysis, Bitcoin could fall to $28,800. Brandt noted that despite the positive news that swept the industry this week, the crypto market is still acting irrationally and Bitcoin prices, among other cryptocurrencies, are experiencing a massive drop. There is a bigger problem in the market for the seasoned trader who has replaced any kind of positive fundamentals. Brandt uses the following phrases:
News and events that reflect the fundamentals of a market are not important. What matters is how a market reacts to the flow of news and events. If the news is bullish for a market, but the market is not reacting accordingly, then we know the market has big problems.
Based on Brandt’s analysis, he predicted using a chart that the world’s largest cryptocurrency by market cap could drop as low as $28,805 in the coming days. A few days ago, Luna Foundation Guard (LFG) announced the end of a $1 billion private token sale. In an interesting development, the firm announced that it will use the $1 billion raised to create a decentralized UST Forex reserve that will dominate Bitcoin (BTC).
Everyone focused on Ukraine and Russia tensions
While many believe the news could lead to a spike in Bitcoin value, traders are wary of new developments between Russia and Ukraine, including the upcoming US interest rate hikes. Things didn’t go according to plan as he focused more on other issues. Bitcoin is currently trading below $35,000, according to Coinecko data, with many traders voicing the fear that things could go from bad to worse in a millisecond, amid all these worries.
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