Bitcoin heading for disaster? BTC “Massive Crash” Is Coming According To This Veteran Cryptocurrency Analyst!

The seasoned market analyst peter brandt warns Bitcoin traders and investors, saying that BTC is primed for a sharp corrective move.

Brandt tells his 636,800 Twitter followers that Bitcoin broke away from the crucial diagonal support that kept BTC afloat for the first few months of 2022.

The completion of a bearish channel usually results in a drop equal to the width of the channel, or in this case, a hard test of around $32,000 – I would say $28,000.”
This does NOT make me a BTC hater.”

Source : Peter Brandt/Twitter

At the time of writing, Bitcoin is trading at $38,605, almost 40% off Brandt’s $28,000 downside target.

Brandt also closely monitors the US Dollar Index (DXY), which pegs the dollar against a basket of fiat currencies.

According to Brandt, the DXY looks ripe for a massive breakout after trading in a wide range for about six years.

“The fact that the global debt is guaranteed in dollars and euros further complicates the situation. [DXY] is about to burst the ceiling.

Source : Peter Brandt/Twitter

Traders often monitor the performance of the US Dollar Index to gauge market sentiment, as a strong DXY suggests investors are selling risky assets like crypto to move into dollar safety.

Last month, widely watched analyst Michaël van de Poppe said that a bearish reversal in the DXY will trigger a strong rally in crypto markets.

“I’m still waiting for this one to turn around and then the crypto party will begin.”

Source : Van de Poppe/Twitter

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