Bitcoin (BTC) could be destined for a significant price drop, according to veteran trader Peter Brandt.
Brandt, who rose to prominence in the crypto community after correctly predicting Bitcoin’s demise in 2018, warns his 633,200 Twitter followers that BTC might fall to $27,000.
Bitcoin, which is currently selling at $39,627.71, would drop by more than 31% as a result of the move. The top-ranked cryptocurrency by market capitalization has lost more than 2% in the last week and more than 7% in the last 30 days.
Brandt also believes the Nasdaq-100 index is repeating the early 2000s dot-com disaster, claiming on Twitter that the graphic is giving him déjà vu.
If Brandt’s prognosis about the Nasdaq comes true, Bitcoin could be in for a hard ride.
Popular crypto trader Jason Pizzino recently explained how Bitcoin and the index are highly connected.
The analyst explains:
“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.”
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