Peter Brandt, the legendary trader who correctly addressed the top in the month of January of the year 2018, believes that Bitcoin is currently forming a similar structure now. In accordance with his recent tweet, he has claimed that he is going to stop tweeting about crypto for a month now. Also hinted that some of his followers will be experiencing pain.
Peter Brandt Says Bitcoin Is Forming a Structure Similar to that of 2018
In his statement shared on Twitter, he said:
“Through 46 years as a trader, I have suffered through some tough trades. I know what it is like to worship at the Porcelain altar. I am not w/o feelings and will discontinue Tweeting about cryptos for a month or so knowing some of you are experiencing pain.”
The founder of Puru Saxena Wealth Management, Puru Saxena, has also noted that it seems like the Bitcoin bubble is about to burst.
Moreover, he identifies the 200-week EMA as the historical support, which is currently a long way down at the level of $16K.
Crypto Market Plunged Following the Fall in Price of BTC
As the leading cryptocurrency reached a level as low as $38,700, the overall market capitalization of the crypto industry dropped by over $300 billion in the past 24 hours.
In accordance with the data released by leading market aggregators, the crypto market lost around 15% in the past 24 hours.
In addition to this, this has given rise to the increased liquidations in the market and as revealed in data, over 260,000 crypto traders got elucidated in the past 24 hours.
The most recent negative reaction the market has witnessed is due to the latest announcement by Elon Musk, in which he revealed that Tesla is not going to accept Bitcoin as payment to make a purchase of electric vehicles from the electric vehicles manufacturing company.