Investor Peter Brandt, who correctly predicted the fall of BTC in 2018, claims that the leading cryptocurrency can fall as low as $ 27,000.
As of the time of writing, Bitcoin is trading at $39,600 according to CoinMarketCap data, and if Brandt's prediction holds, the cryptocurrency could drop by about 30% from these levels. The leading cryptocurrency has dropped 8% in the last 24 hours and 8% in the past month.
Brandt also thinks that the Nasdaq-100 index may reflect the dot-com collapse of the early 2000s and says on Twitter that the chart gave him a déjà vu.
If Brandt's prediction about the Nasdaq is correct, the coming days can be quite difficult for Bitcoin. A decrease to the level of $ 27,000 may start the discourses of “Bitcoin is a bubble” again.
In his statements this week, popular crypto investor Jason Pizzino stated that Bitcoin is progressing in correlation with the Nasdaq index, and stated that this connection should be resolved first. According to Pizzinio, the first thing Bitcoin should do is part ways with the Nasdaq.
"The problem is on the Nasdaq itself, I think we might be more negative on the Nasdaq. That means more negative on Bitcoin and Ethereum and of course cryptocurrencies."
Analysts attributed the decline on Monday to the fact that Bitcoin moves with stocks rather than the last day in US taxes. So if BTC breaks with traditional assets, it could be perceived as a bullish signal.
Bitcoin (BTC), which has gained a downward momentum recently, accelerated its depreciation in the last 24-hour period, falling below $ 40,000 and started trading at price levels of $ 39,600.
Most of the altcoins have approached critical support levels after the losses in Bitcoin. Ethereum (ETH), which fell below $ 3,000 again, started trading at the price levels of $ 2,950. The total market cap of cryptocurrencies has dropped to $1.94 trillion. In addition, according to Coinglass data, an average of 120 million dollars worth of short and long positions were liquidated in the last 24-hour period.