Veteran cryptocurrency analyst Peter Brandt stated in a recent tweet that he predicted that the $27,000 level could become a local bottom for Bitcoin, the largest cryptocurrency in the world.
A Well-known analyst Announces the lower level of Bitcoin
Leading charting specialist and cryptanalyst Peter Brandt assessed the recent downturn in the cryptocurrency market and pointed to the lower level for the leading cryptocurrency Bitcoin.
According to Peter Brandt, a significant increase in volume indicates that investors are taking over the market. So much so that the world’s largest cryptocurrency in terms of market capitalization fell below the $27,000 level on Thursday, reaching an intraday low of $26,700 on the popular Binance cryptocurrency exchange.
Brandt said in his statements that the Terra disaster has now spread to “reliable” bitcoin. According to CoinTurk, LUNA Terra, once one of the largest cryptocurrencies with a market capitalization of more than $40 billion, fell to almost zero in one day, causing a shock in the cryptocurrency market.
Bitcoin Dropped 40.6% in 2022
The flagship cryptocurrency (BTC) has fallen by about 40.6% since the beginning of the year, and the price of Terra has fallen by more than 97% in the last 24 hours.
Bitcoin, on the other hand, has fallen 60% since reaching an all-time high of $69,044 last November and continues to show price movements in line with previous bear market cycles.
However, the founder of SkyBridge, Anthony Scaramucci, recently stated that, according to his forecasts, the price of bitcoin will fall to $ 18,000.
Bitcoin collapsed at a key stage along with technology-related stocks. The Nasdaq 100 index fell by 26.67%, which was the worst year ever. The Federal Reserve, whose consistent monetary policy fueled its last bull market, has now made a complete U-turn with aggressive monetary policy tightening.
Earlier this week, Atlanta Federal Reserve Chairman Rafael Bostic said three more rate hikes are expected in 2022.
The latest inflation data, which slightly exceeds analysts’ expectations, suggests that the Fed is unlikely to change course in the near future.