Veteran trader Peter Brandt believes Bitcoin (BTC) may be heading for a serious fall in prices.
Brandt, who became known in cryptocurrencies for correctly calling Bitcoins collapse in 2018, says his 633,200 Twitter followers that BTC could fall to $ 27,000.
The move will represent a decline of more than 31% for Bitcoin, which is traded at $39 627.71 at the time of writing. The top-ranked crypto asset by market value has fallen by more than 2% in the last week and more than 7% in the last 30 days.
Brandt also speculates that the Nasdaq-1[ads1]00 index may reflect the dot-com crash of the early 2000s, saying on Twitter that the chart gives him déjà vu.
“‘It’s Deja Vu again.’
– Yogi Berra, American philosopher from the end of the 20th century.
Should Brandt’s prediction of Nasdaq come true, it could mean tough days ahead for Bitcoin.
Just this week, popular crypto trader Jason Pizzino outlined how Bitcoin is strongly correlated with the index.
Explains the analyst,
“Some of the challenges we have to get through are decoupling from Nasdaq …
The problem is that Nasdaq itself is that we can have several disadvantages in Nasdaq, which means more downside in Bitcoin and Ethereum and of course cryptocurrencies. “
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Disclaimer: Opinions expressed by The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock / jamesteohart / Natalia Siiatovskaia