Veteran trader Peter Brandt Bitcoin (BTC) announced that he predicted a significant decrease in price.
Also known for accurately predicting Bitcoin’s crash in 2018 Peter BrandtHe became famous on social media after his prediction. Brandt announced that he recently updated his Bitcoin outlook and stated that the price could decline to $27,000 levels.
Bitcoin price, which is currently trading at an average of $ 39,600, will mean a loss of more than 30% if it regresses to $ 27,000. While BTC lost 2% in the past week, it has lost 7% in the last 30 days.
Brandt also thinks the Nasdaq-100 index could replicate the “dot-com” crash of the early 2000s and says on Twitter the chart gave him a déjà vu.
If the seasoned trader is right in his NASDAQ prediction and the current correlation is indeed maintained, it is clear that hard times are ahead for Bitcoin.
Very recently, popular crypto trader Jason Pizzinosummarized how Bitcoin is highly correlated with the index.
“Some of the challenges we have to overcome are leaving the Nasdaq…
The problem is with the Nasdaq itself, we may have more negativity on the Nasdaq which means more negativity in Bitcoin and Ethereum and of course cryptocurrencies.”
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.