Veteran dealer Peter Brandt thinks Bitcoin (BTC) could possibly be headed for a severe worth dip.
The transfer would symbolize a greater than 31% lower for Bitcoin, which is buying and selling at $39,627.71 at time of writing. The highest-ranked crypto asset by market cap is down greater than 2% prior to now week and greater than 7% prior to now 30 days.
Brandt additionally speculates that the Nasdaq-100 index could possibly be mirroring the dot-com crash of the early 2000s, saying on Twitter that the chart is giving him déjà vu.
“‘It’s Deja Vu over again.’
– Yogi Berra, late twentieth Century American thinker.”
Ought to Brandt’s prediction in regards to the Nasdaq maintain true, it may imply tough days forward for Bitcoin.
Simply this week, standard crypto dealer Jason Pizzino outlined how Bitcoin is extremely correlated to the index.
Explains the analyst,
“A number of the challenges that we’ve bought to get by is decoupling from the Nasdaq…
The issue lies with the Nasdaq itself being that we could possibly be in for extra draw back within the Nasdaq which suggests extra draw back in Bitcoin and Ethereum and naturally cryptocurrencies.”
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