Bitcoin (BTC) has dipped below $ 4,000 today, making it the first time the leading cryptocurrency has dropped to this level since the 'cryptocurrency season' in 2018, and now a veteran analyst. is believing BTC could drop further.
Cryptocurrency market has been free-falling following yesterday's travel ban between the US and Europe, not just crypto, all other financial markets are in the same situation.
The legendary Trader Peter Brandt – famous for accurately predicting the collapse of the crypto market from an all-time high of $ 20,000, has just made a statement that if it becomes a reality will make many investors Bitcoin from “tears”.
When asked about how much Corona's impact can push Bitcoin to the bottom, Brandt said that if one were to give an unbiased comment when looking at Bitcoin's chart, the new bottom of the coin could be ” under $ 1,000 "- which is about 80% lower than the current value of BTC just below $ 5,000.
If I interpret the chart without bias, I would say sub $ 1,000
– Peter Brandt (@PeterLBrandt) March 12, 2020
Brandt is usually bullish rather than bearish
In fact, this global commodity analyst is usually bullish rather than bearish on Bitcoin, and believes that the parabolic rally on the Bitcoin chart could see it reach $ 100,000.
Brandt also made an accurate prediction of the price increase during the crypto winter before Bitcoin price doubled in mid-July last year.
The impact of corona virus on the cryptocurrency market
Bitcoin broke through support levels of $ 5,500 and $ 5,200, even falling sharply below $ 4,000 on Friday – close to retesting a 2-year low, before recovering more than $ 1,000 in minutes.
The altcoin price also witnessed heavy losses. At the time of writing, the largest altcoin Ether (ETH) is the name that suffered the most losses when losing 43.06%, Bitcoin Cash (BCH) is down 42.85% and XRP is currently trading at a low level. for many years is 0.13 USD.
Blockchain conferences around the world have also been affected by COVID-19. The upcoming EDCON event in Italy has been canceled without a specific reorganization date. Meanwhile, the second company that launched Bitcoin futures in the US, CME Group, was forced to close the exchange today (March 13), although the transaction will continue online as usual.
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According to CoinTelegraph
Translated by ToiYeuBitcoin