Over the past 24 hours, Bitcoin (BTC), the largest cryptocurrency by market cap, has dropped to $26,700 on Binance. Meanwhile, in a recent tweet, veteran trader Peter Brandt predicted that $27,000 could become a local bottom for Bitcoin, the world’s largest cryptocurrency. Here are the details…
Bitcoin fell below $27,000: What’s next?
According to leading chart expert Peter Brandt, a large increase in volume indicates that traders are capitulating. The largest cryptocurrency fell below the $27,000 level on Thursday and hit an intraday low of $26,700 on the Binance exchange. Brandt noted that the Terra disaster has now spread to “trusted” Bitcoin. As we reported as Kriptokoin.com, Terra (LUNA), which has been trading at levels close to $ 100 in the past few weeks, has almost zeroed its price and sent shock waves to the entire crypto money market.
Meanwhile, leading cryptocurrency BTC has dropped 40.6 percent since the start of the year. It’s down 60 percent since it hit an all-time high of $69,044 last November, showing compatibility with previous bear market cycles. SkyBridge founder Anthony Scaramucci recently predicted that the price of Bitcoin could drop as low as $18,000. Bitcoin crashed along with tech-related stocks. The Nasdaq 100 index fell 26.67 percent, marking its worst year ever.
BTC chart shared by Peter Brandt FED’s decisions affect the markets
The US Federal Reserve (FED), whose harmonious monetary policy fired the last bull market, now made a complete U-turn with aggressive monetary tightening. Earlier this week, Atlanta Federal Reserve Chairman Raphael Bostic said there are three more rate hikes on the table in 2022. The latest inflation data, slightly higher than analysts expected, suggest that the Fed is unlikely to change course in the near future. At the time of writing, BTC seems to have managed to climb above $27,000 and is changing hands at $27,600.
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