Legendary trader Peter Brandt, known for his accurate predictions for the bitcoin and altcoin market, conveyed his new predictions. Brandt has announced the next for Bitcoin, the largest cryptocurrency. But Brandt’s comments may make many unhappy. Here are the details…
Negative Bitcoin analysis by Peter Brandt
As we have also reported as Kriptokoin.com, Peter, who stands out with his predictions for crypto money assets, but is known for having a serious experience in the traditional market before that. Brandt cited his new forecasts for BTC. Brandt thinks that BTC could lose almost half of its current price. Brandt, in his post earlier today, as long as BTC does not close above the high of May 31, when it rose to $ 32,206; He made a prediction that it could drop as low as $12,700 in the near future. The trader used the following statements in a tweet he shared:
If Bitcoin (BTC) does not close above the May 31 high, the chart may start to resemble the famous “Drano” chart pattern.
Brandt is known to make accurate cryptocurrency predictions. The seasoned futures trader recently predicted that Ethereum (ETH), the second largest cryptocurrency by market cap, could drop below $1,265. Interestingly, it didn’t take more than a week for the second-best crypto-asset to start hovering around the levels predicted by Brandt. ETH price suffers after news of Ethereum “Difficulty Bomb” delays.
BTC price collapses
Bitcoin drops below $25,000 for the first time since December 2020. As expected, altcoins also suffer more with double-digit losses continues to draw. As such, the liquidations again reached half a billion dollars. While BTC struggled to surpass $32,000 last week, it is currently trading around $7,000 below that level. BTC failed at $32,000. He returned to familiar ground for $30,000, where he remained until Friday. The latest US inflation figures have pushed the coin down by $1,000, but the worst is yet to come.
BTC dropped another few thousand dollars over the weekend. But the last 24 hours have brought even more pain. Earlier today, Bitcoin dropped below $25,000 for the first time in 18 months. Ethereum has also been one of the biggest losers. ETH was above $2,000 a week ago but has now dropped to $1,300. This means that the second largest crypto is currently below the 2018 record. Even more losses are evident, with ADA, SOL, DOGE, DOT, TRX, and AVAX dropping by about 10 percent or more in a single day. All this increased volatility has once again caused pain for over-leveraged traders. The number of liquidated investors reached 180,000.
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