The latest news in the crypto circles is that after completing its longest bear market lap of 9 weeks, Bitcoin prices have started to show signs of consolidation. However, there is one professional trader who opines that the Bitcoin bear market has not bottomed yet. The expert chartist Peter Brandt has once again put on his doomsday prophecy hat and came out with a bad omen for Bitcoin prices.
It is worth noting that Brandt claimed that Bitcoin prices would tank in 2017, and the market went into a cascading trend in 2018. May has been a historical bullish month for Bitcoin within its bearish movement. The flagship currency accepted the negative impact of the NASDAQ shares dwindling and also the macro-economic changes brought on by the Russian and Ukraine war.
It is worth noting that catastrophic events like Terra classic crash were one of the causalities of the dire financial situation. There are some theories that the fall of the UST token was the result of the massive pressure of sell-offs from the cryptocurrency market. Terra has now been revived in the form of the Terra 2.0 chain, but the market sentiment has remained largely in the negative territory.
In response to a tweet, Brandt claimed that Bitcoin prices are still not out of the trenches, and they can plunge as low as $12K in case of a support slip. If such a prediction becomes a reality, it would be the first time since 2017 that the price of the flagship cryptocurrency fell below $20K. At present, Bitcoin prices are at an en passé, with the price trend ready to break out or break off with a 50/50 chance.
Some Investors are Still Bullish on Bitcoin
The crypto investors are not without hope in the market despite the negative forecast issued by Peter Brandt. When it comes to cryptocurrencies and the stock market, it is impossible to predict the future with 100% accuracy.
The flagship crypto has lost around 18.8% of its market value since the start of the current month. However, the accumulation of the token on the dip has continued to remain strong. Some investors claim that bear markets are an essential process for cleansing and revitalizing the crypto market to ensure a healthy cycle.