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Veteran Analyst Who Announced 2018 Bitcoin (BTC) Meltdown Analyzes Path Forward After ‘Barf Capitulation’

Experienced trader Peter Brandt says that Bitcoin (BTC) could be on the verge of ending the downtrend that started almost a year ago.
Brandt tells his 641,400 Twitter followers that the surge in Bitcoin trading volume since the flagshipcryptocurrency falling below $30,000 could indicate the “beginning of the end” of the bearish cycle.

“These are the kind of volume spikes that can signal a puke capitulation and the beginning of the end of the year-long decline. Can the carnage continue? Anything is possible – and that includes a local floor. I mentioned the $27,000 area as a possible bottom and it could be.”
Source: Peter L Brandt/Twitter
Bitcoin is trading at $28,284 at the time of writing.

In response to the price drop of Terra (LUNA), a BlockchainProtocol that focuses on issuance of algorithmic stablecoins, the veteran trader says the “suspicion” created by the Terra crash could negatively affect Bitcoin.

“This decline is just insane. LUNA

our recommendation Veteran Analyst Who Announced 2018 Bitcoin (BTC) Meltdown Analyzes Path Forward After ‘Barf Capitulation’, Crypto Trading News

I’ve been open about my distrust of altcoins and that crypto is bitcoin and bitcoin is crypto.

The problem is that distrust of what is distrustful can spill over into what is trusted (Bitcoin).”
Veteran Analyst Who Announced 2018 Bitcoin (BTC) Meltdown Analyzes Path Forward After ‘Barf Capitulation’, Crypto Trading NewsSource: Peter L Brandt/Twitter
Terra is trading at $0.037 at the time of writing, down about 99.9% from where it was all-time high of $119 reached in early April.

Brandt also says that he has non-fungible tokens (NFTs) viewed in the same way as other overhyped and overvalued physical assets of the past.

“Personally, I equate much of the NFT market with Beanie Babies and Pet Rocks.”
Check the price action

Source: Crypto News Deutsch

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