Where is the new Bitcoin's bottom? Peter Brandt, veteran and trader, who is known from making market predictions answered this question.
Bitcoin chart situation
Current Bitcoin price is about 5 240 USD. Over the last 24 hours, cryptocurrency has lost more than 30% of its value. Yesterday's session opened on the level of 7 913 USD and closed at nearly 4 970 USD. It is a 2 942 decrease. Bitcoin price dropped by 37%.
Will Bitcoin price drop to 1000 USD?
The lowest level that Bitcoin hit today was 4 121 USD. During the last hours, the cryptocurrency slightly bounced back to 5 240 USD. Many traders ask: where lays the bottom? The one who answered this question is Peter Brandt. In his Tweet, he said, that if he would predict the chart without any bias, the bottom was 1000 USD.
Bitcoin is not the only cryptocurrency that suffered big losses. Other altcoins followed its path, losing about 20-30% of their value. All the markets are red. The panic is caused by the Coronavirus and it caused a lot of confusion over all the fiat and cryptocurrency markets.
The fear and anxiety index has reached its record level. It is at the level of 10 points. Although, yesterday's level was 14 points. Can cryptocurrencies fall even more?
Let us know, what do you think about current situation on cryptocurrency market in the comments section!