- A veteran trader and analyst, Peter Brandt has predicted a drop in Bitcoin, Ethereum and most other altcoins, comparing it to the 2018 crash.
- Brandt became popular in the crypto community with his 80% BTC price drop prediction in 2018.
- Analysts observing a 2018-like bearish structure in the Bitcoin price chart, set a downside target at $27,000.
Peter Brandt is a legendary crypto trader and analyst. Brandt has accurately predicted significant events like the Bitcoin price crash of 2018, and the analyst has observed similar trends in the current market.
Analyst predicts Bitcoin price drop to $27,000 for this reason
Bitcoin, alongside top cryptocurrencies like Ethereum, Cardano, XRP, Solana, Dogecoin and BNB, recently witnessed a correction in prices. According to legendary investor and trader Peter Brandt, this could be more than a price correction.
Brandt rose to fame through his accurate and timely prediction of Bitcoin’s colossal crash in 2018. The analyst predicted BTC’s most significant move, an 80% decline in Bitcoin price.
In a recent tweet, Brandt evaluated Bitcoin’s price structure and highlighted “structural similarities” between BTC’s current trend and on the eve of the 80% drop in 2018. Brandt told his 634,300 followers that the BTC chart is “deja vu all over again.”
"It's Deja Vu all over again"
— Peter Brandt (@PeterLBrandt) April 21, 2022
--Yogi Berra, late 20th Century American philosopher pic.twitter.com/aFch8sx1PA
Cryptocurrency analysts at Stck.pro have identified a death cross in the Bitcoin price chart. Analysts believe Bitcoin price is at risk of close to a 50% drop, and $25,000 is the downside target for BTC. Lark Davis, a leading YouTuber and crypto analyst, recently evaluated the impact of a death cross on Bitcoin price.
The last two times there was a death cross on the three-day Bitcoin price chart it resulted in a 50% drop in price. Davis argues that Bitcoin is two weeks away from a death cross and expects a similar outcome.
Last two times we had a death cross on the 3 day #bitcoin chart resulted in a 50% drop. $BTC is about 2 weeks away from a death cross on the 3 day charts.
— Lark Davis (@TheCryptoLark) April 29, 2022
This time different? pic.twitter.com/do3Kii08OV
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.