Bitcoin price has become increasingly sensitive to Fed rate hikes in recent months. Expectations of more aggressive rate hikes this week have caused several altcoins to drop significantly over the past 48 hours.
The two largest cryptocurrencies by market cap were also relatively less affected by the overall price corrections. Ethereum is down 1.02% in the last 24 hours and Bitcoin is down 1.33% in the same period.
On the other hand, many analysts seem united in their prediction of an impending market crash. One of these names is veteran trader Peter Brandt. Peter Brandt, who correctly predicted the collapse of Bitcoin in 2018, gained fame on social media after his prediction. Brandt recently updated his Bitcoin forecast and said that the price could decline to $28,000 levels. stated.
“Completion of a bearish (bearish) channel typically results in a drop equal to the width of the channel, or in this case a hard test of 32,000… my guess is 28,000. That doesn’t make me an enemy of BTC.”
According to the chart shared by Brandt, Bitcoin has been trading inside the ascending channel pattern for a while. However, it fell below this pattern at its current price, and since no significant support zone has been created on the downtrend, it looks like the decline will continue according to the analysis.
Also, as Brandt points out, the $28,000 estimate was not randomly generated. This level represents a drop equal to the range in which BTC has moved before.
Another person with bearish prospects is Arthur Hayes of BitMEX. Hayes says the crash will be the result of Bitcoin’s correlation with the Nasdaq as the market becomes increasingly risky. According to Hayes, Bitcoin could drop to $30,000 and Ethereum to $2k.
However, according to the predictions of the BitMEX executive, altcoins will take the worst hit, dropping between 75% and 90%. It’s not entirely negative, though, as Hayes expects a bull run after the crash that will see Bitcoin rise to $1 million by the end of the decade.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.