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Analyst who knows every step of Bitcoin – this altcoin will hit hard!

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Cryptocurrency analyst Peter Brandt, known for his accurate predictions, predicts the risk of collapse for the major altcoin. Correctly predicting that the price of Ethereum will continue to fall, the analyst marks a new low below $ 500.

Peter Brandt says “$ 300” for the main altcoin

In a recent tweet, Peter Brandt predicts that the price of Ethereum, the largest altcoin project in the market, could drop as low as $ 300.

To underline the extreme bearish trend, Brandt said he would not buy the major altcoin even with his enemy’s money. On Saturday, ETH hit $ 881 on Binance, its lowest level since December 2020. It is now trading above $ 1,000 on Binance after new traders came in from below. But the general sentiment continues to decline overwhelmingly.

The price of Ethereum falls by 80% compared to the price of ATH

The leading altcoin is now down nearly 80% from its record high of $ 4,878 in November. The price of ETH will have to drop another 69% from here to reach Brandt’s bearish price target. When it comes to Bitcoin, Brandt still claims there is a 50% chance it will become “substantially worthless” …

However, it doesn’t rule out a scenario where the leading cryptocurrency eventually hits $ 500,000. Brandt explained that in the long run, the price of Bitcoin continues to rise. However, he harshly criticized community members who chose to marry their investments instead of thinking rationally. “Crypto is bad faith,” Brandt said in recent tweets about him.

The seasoned analyst has been a longtime critic of the market’s excessive enthusiasm, siding with laser-eyed Bitcoin supporters. The card still sees Bitcoin only as a speculation tool. Furthermore, he apparently rejects the idea that it has now become a legitimate investment. Earlier this month, Brandt correctly predicted that Ethereum’s price would continue to decline.

What levels are altcoin investors looking at in Bitcoin?

cryptocurrency.com As we also reported, Bitcoin fell below the ATH level in 2017 for the first time in its history after dropping below $ 18,000. One of the main reasons for the recent increase is due to the multiple increase in the volume of the network. Volume projections, now up 83%, point to potential hikes in the coming days.

However, according to Santiment, the supply of Bitcoin on exchanges has dropped dramatically in the past few days. As shown below, 0.6% have only pulled out of trading in the past five days. This means there is a growing consensus that the worst is over and there is a card rally for Bitcoin.

Analyst: This Altcoin will hit hard

Even if the exchanges are dumping BTC, here is another metric that indicates more pain. According to Santiment’s analysis, Bitcoin posted its biggest losses this week. The apparent loss was estimated using the net profit loss metric. It also sheds light on the investor’s grief during a week in which it lost nearly 33% of its value.

Analyst: This Altcoin will hit hard

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