The legendary Trader Peter Brandt firmly believes that the coronavirus crisis is a time of "eating and falling," for Bitcoin (BTC) in particular and the entire cryptocurrency industry in general.
Peter Brandt, a trader with more than 40 years of experience, thinks that the financial crisis caused by Covid-19 is a vital issue for the crypto industry. If Bitcoin cannot rise in the current difficult economic situation, the king will be in "big trouble".
“Hungry for BTC, this is the perfect rush. If Bitcoin cannot take advantage of this, it will be in BIG trouble. ”
For BTC, this is the perfect storm.
If Bitcoin cannot rally on this, then crypto is in BIG trouble.
- Peter Brandt (@PeterLBrandt) March 27, 2020
Crisis once in a lifetime
In his Twitter post, Brandt said that the US Congress is in a "time box" sent straight to the 1930s - a time when the United States faced a severe economic crisis. In 1933, the United States reached the highest unemployment rate of 26.7%.
With the stock market having suffered the worst losses in history and 3.3 million Americans applying for unemployment benefits in a week, the word "D" appears frequently on hot topics. Nobel laureate economist Nouriel Roubini (also known as Dr. Doom) predicts that the United States may even witness a "bigger depression" due to medical nightmares, inflation. increase and potential geopolitical shocks.
There is not much time left for BTC
So far, Bitcoin has failed to convincingly separate from risky assets. Veteran trader John Bollinger - who expects BTC to act as a safe haven, recently proposed that all correlations tend to fall to zero during such crises.
According to Brandt's tweet, he said that BTC does not have much time to prove it. Despite making many predictions of price increases, he has no problem with completely changing his bias when the market is going south, which is what every trader needs to do.
Shortly after the March 12 collapse, Brandt made an astounding prediction that Bitcoin is likely to fall to zero rather than reach $ 100,000, but he clearly believes the king can turn things around. .
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According to U.Today
Translated by ToiYeuBitcoin