Experienced investor Peter Brandt, who accurately predicted the 2018 Bitcoin crash, analyzes the roadmap ahead for the BTC and altcoin market after the current crash.
“Bitcoin drop could be the beginning of the end”
Veteran investor Peter Brandt believes that Bitcoin’s (BTC) downtrend that started nearly a year ago is about to end. According to Brandt’s recent analysis, the dramatic increase in trading volume as Bitcoin price drops below $30,000 may signal the “beginning of the end” of the negative cycle. Brandt explains:
With this type of increase in volume, a one-year decline is likely to come to an end. How long can this atrocity continue? Anything is conceivable, even a bottomless pit. I mentioned $27,000 as a bottom and it could still come.
According to CoinMarketCap data, Bitcoin (BTC) is trading just above $ 30 thousand at the time of writing.
Peter Brandt comments on Terra (LUNA) crash
As a result of Terra’s (LUNA) price drop, a seasoned analyst says the “distrust” caused by Terra’s death has had a damaging effect on Bitcoin. He believes it can have an effect. Noting the gravity of the collapse, the experienced analyst says that this may be reflected in Bitcoin:
I spoke openly about my distrust of altcoins and crypto is Bitcoin, crypto in Bitcoin. The problem is that distrust of trust can spill over into trustworthy (Bitcoin).
At the time of writing, Terra (LUNA) is trading at $0.0000231. The ATH level it reached at the beginning of April is almost 99.9% cleared at $119. You can take a look at what happened at Terra and UST in this bulletin. While LUNA continues to be printed to fix the UST price to $1, exchanges are suspending LUNA and UST trades for high volatility and to protect investors. Experienced analyst Peter Brandt thinks that this collapse may soon spread to another altcoin market…
Stay away from this altcoin market
Brandt included the NFT market in some of the analysis. He says he sees Henfts in the same vein as their overrated and overvalued physical assets.
The largest NFT tokens in the market, according to data provided by CMC:
- Flow (FLOW)
- Apecoin (APE)
- Decentraland (MANA)
- The Sandbox (SAND)
- Axie Infinity (AXS)
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