Peter Brandt, a seasoned crypto trader, recently shared his thoughts on the possibility of Bitcoin crashing.
In a post on X yesterday, Brandt warned that altcoins might go down by 90% and the majority of memecoin will lose their value completely. This tweet instantly raised concerns among traders especially those that had predicted bitcoin hitting $200k this year.
However, in another tweet posted today, he refuted the idea that Bitcoin (BTC) is heading for a drastic price drop, despite current chart patterns suggesting a dip to $73,000.
According to Brandt, cryptocurrency is very volatile; hence, charts never stay the same, and the price trends for Bitcoin are difficult to define with certainty.
“This is why we should never trust any given pattern. Intra-day charts morph into daily charts into weekly charts into monthly trends – until we get a chart that works.” he said.
Brandt’s statement surfaced in the wake of Bitcoin’s recent decline to $95,328.48 after hitting $108,000 on December 17, which many are now seeing as a possibility for a crack.
However, he noted that Bitcoin’s fluctuations are based on more than just chart patterns, such as broader economic shifts, especially concerning the US labour market which has added more complexity to the situation.
The latest job data from the US shows fewer people leaving their jobs and more job openings. This means that not as many people are quitting.
According to Brandt, this trend in the economy could slow down how much consumers spend, which could indirectly impact the crypto market.
At the same time, international problems, such as possible trade taxes from former President Trump’s administration, could harm the economy even more. Reduced global trade might mean higher costs for imports, affecting US consumers. US consumers might stop investing in things that are considered risky, like cryptos. If people feel less confident about spending, this might cause more drops in the crypto market if things get worse.
With the price of Bitcoin and the overall market facing uncertainty, attention now turns to the upcoming Federal Reserve meeting (FOMC Minutes), where analysts expect fewer interest rate cuts in 2025 than previously anticipated. Despite concerns, many market watchers remain optimistic.
Meanwhile, Robert Kiyosaki, author of Rich Dad Poor Dad, believes the current price drop is a good opportunity to buy. In a recent tweet, Kiyosaki warned that a major market crash, predicted in his 2013 book Rich Dad’s Prophecy, is unfolding.
He pointed to the 2008 financial crisis when bankers were rewarded with bonuses while millions lost their homes and jobs. Kiyosaki predicts that markets for cars, housing, restaurants, and even luxury goods like wine will face declines in 2025.
Still, he views assets such as Bitcoin, gold, and silver as potential means of hedging against inflation. He encourages people to stay calm, stay smart, and take advantage of the lower prices in the market.
Also Read: Bitcoin Dips Below $98K as Strong U.S. Data Triggers Liquidations
