- 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.”
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.