Veteran trader Peter Brandt thinks Bitcoin (BTC) could be headed for a serious price dip.
Brandt, who gained notoriety in crypto circles for correctly calling Bitcoin’s 2018 collapse, tells his 633,200 Twitter followers that BTC could drop to $27,000.
The move would represent a more than 31% decrease for Bitcoin, which is trading at $39,627.71 at time of writing. The top-ranked crypto asset by market cap is down more than 2% in the past week and more than 7% in the past 30 days.
Brandt also speculates that the Nasdaq-100 index could 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 all over again.’
– Yogi Berra, late 20th Century American philosopher.”
Should Brandt’s prediction about the Nasdaq hold true, it could mean rough days ahead for Bitcoin.
Just this week, popular crypto trader Jason Pizzino outlined how Bitcoin is highly correlated to the index.
Explains the analyst,
“Some of the challenges that we’ve got to get through is decoupling from the Nasdaq…
The problem lies with the Nasdaq itself being that we could be in for more downside in the Nasdaq which means more downside in Bitcoin and Ethereum and of course cryptocurrencies.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/jamesteohart/Natalia Siiatovskaia