The price of bitcoin soared past $40,000, but there was no further upward movement. It is currently trading below $39,000, reversing recent gains. BTC has lost 3% in a day and more than 3% in the last week.
Similarly, the majority of prominent cryptocurrencies are reducing their gains. After failing to break through the $3,000 resistance, ETH fell sharply.
XRP has dropped over 5% and is approaching the $0.60 support level. The key $0.805 support zone was tested by ADA.
Here is the Next Downside Target for BTC Price ?
Peter Brandt, a trader and analyst, has projected a decline in Bitcoin, Ethereum, and most other altcoins, equating it to the 2018 crash. Analysts have set a $27,000 downside objective after noticing a bearish structure similar to that seen in 2018.
Bitcoin, along with other popular cryptocurrencies such as Ethereum, Cardano, XRP, Solana, Dogecoin, and BNB, has experienced a price correction.
This could be more than a market correction, according to famed investor and trader Peter Brandt.
Brandt rose to fame after correctly predicting Bitcoin’s massive crash in 2018. BTC’s most important shift, according to the analyst, was an 80% drop in price.
The trader analyzed Bitcoin’s price structure in a recent tweet, pointing up “structural similarities” between the present trajectory and the eve of the 80% crash in 2018. The BTC chart is “deja vu all over again,” according to Brandt.
The Bitcoin price chart has a death cross, according to cryptocurrency specialists at Stck.pro. Analysts say Bitcoin’s price is on the verge of plummeting by nearly half, with a $25,000 price objective.
Lark Davis, a well-known YouTuber and crypto expert, recently examined the impact of a death cross on the price of Bitcoin.
The past two times a death cross appeared on the three-day Bitcoin price chart, the price dropped by 50%. Davis believes Bitcoin is on the verge of a death cross and predicts a similar ending.
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Source: https://coinpedia.org/altcoin/bitcoin-and-altcoins-on-the-verge-of-another-massive-correction-heres-when/