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Bitcoin (BTC) is expected to go below $29,000, as per veteran futures trader Peter Brandt

Bitcoin (BTC) is expected to go below $29,000, according to veteran futures trader Peter Brandt.

Following Bitcoin’s (BTC) failure to hold the $37,000 support and a subsequent 10% drop in the world’s largest cryptocurrency, some cryptocurrency analysts have projected that the asset class will lose even more value in the coming days.

Peter Brandt, a seasoned Futures and FX trader who has been trading since 1975, is one expert who has made such predictions for Bitcoin.

Bitcoin might reach $28,800, according to Brandt’s calculations. Despite the excellent news that inundated the business this week, the crypto market acted irrationally, according to Brandt, and values of Bitcoin and other digital currencies plummeted.

For the seasoned trader, there is a bigger problem in the market that trumps all bullish fundamentals.

“It doesn’t matter what news and events reflect a market’s fundamentals. How a market reacts to the flow of news and events is critical. “We know the market has huge difficulties if the news is optimistic for a market but the market does not respond accordingly,” Brandt remarked in a Twitter post.

According to Brandt’s estimate, the world’s largest cryptocurrency by market capitalization could go as low as $28,805 in the next days, as seen on a chart.

The Luna Foundation Guard (LFG) announced the completion of a $1 billion private token sale a few days ago. In an intriguing twist, the company announced that it will use the $1 billion raised to create a decentralised $UST Forex reserve dominated by Bitcoin (BTC).

While many expected the announcement to create a jump in Bitcoin’s value, things did not go as planned, as traders appeared to be more interested on other topics, including as escalating tensions between Russia and Ukraine, anticipated Fed rate hikes, and the cryptocurrency executive bill.

According to Coingecko data, Bitcoin is currently trading below $35,000, with many traders fearing that things might move from bad to worse in a millisecond amid all of these concerns.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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