Popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Shiba Inu (SHIB) and Dogecoin (DOGE) experienced a price correction. According to renowned investor and trader Peter Brandt, this could be more than just a market correction.
“There may be more corrections for BTC, DOGE, ADA and others”
Bitcoin price exceeded $40,000 for a while, but could not stay above it any longer, as we have reported by Kriptokoin.com. It is currently trading below $39,000 and reversing recent gains. BTC has lost about 2.3% on a weekly basis.
Similarly, most of the leading cryptocurrencies are cutting their earnings. ETH dropped sharply after it failed to break the $3,000 resistance. XRP tumbled around 14% on a weekly basis and moved closer to the $0.60 support level. Cardano (ADA), on the other hand, tested the key $0.805 support zone.
Peter Brandt, a trader and analyst, predicts a drop in Bitcoin, Ethereum, and many other altcoins, equating it to the 2018 crash. Analysts have set a downside target of $27,000 after noticing a bearish pattern similar to the one seen in 2018. BTC, along with other popular cryptocurrencies such as ETH, ADA, XRP, SOL, DOGE, and BNB, experienced a price correction. According to Peter Brandt, this could be more than a market correction.
Bitcoin heading for collapse?
Peter Brandt rose to fame after correctly predicting Bitcoin’s big crash in 2018. According to the analyst, the most significant change for BTC was an 80% drop in price. The analyst analyzed Bitcoin’s price structure in a recent tweet, pointing to “structural similarities” between the current trajectory and the eve of the 80% crash in 2018. According to Brandt, the BTC chart is ‘everything is deja vu’ from start to finish.
According to the crypto experts at Stck.pro, there is a death mark on the Bitcoin price chart. Analysts say that the price of Bitcoin is on the verge of almost halving with a price target of $25,000. Lark Davis, a prominent YouTuber and crypto expert, recently studied the impact of a death cross on Bitcoin price.
“A death cross has appeared on the three-day Bitcoin price chart for the last two times. Lark Davis believes Bitcoin is on the verge of a death cross and predicts a similar end.