This Crypto Analyst Thinks Bitcoin Will Retrace By 50%: Here's Why

Zinger Key Points
  • Crypto analyst Capo Of Crypto says avoid Bitcoin above $40,000.
  • Crypto trader Peter Brandt believes Bitcoin could drop to $27,000.

According to the pseudonymous crypto analyst Capo, Bitcoin BTC/USD will see 50% retracement, and the overall cryptocurrency market will fall even more. 

At the time of writing, Bitcoin was trading at $39,726.34, almost 2% down in the last 24 hours. This means a 50% drop for Bitcoin would see it retrace to a price of around $19,500.

Earlier this week, he predicted that Bitcoin would drop below $30,000. 

Also Read: Here's Why This Bitcoin Analyst Thinks BTC Is Approaching A Critical Juncture

He also said that Bitcoin’s recovery from below $39,000 at the start of the week was a dead cat bounce and warned against getting “trapped above $40,000.”

However, on Friday, altcoins declined less than Bitcoin, suggesting that the current pullback in prices could be temporary. 

Crypto trader Peter Brandt also believes that Bitcoin is heading for a serious price dip and could drop to $27,000. This means the move would represent a more than 31% decrease for Bitcoin. 

Brandt also speculates that the Nasdaq-100 Index could be mirroring the dot-com crash of the early 2000s. 

Also Read: 30,000 Bitcoin Are Moved Out Of Coinbase Exchange In Single Day

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsTop StoriesMarketsBitcoinBTCdogecoinMarketperformancepeter brandtprice dropShiba Inu
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!