The interesting progress made by the cryptocurrency market since April has come to a rather discouraging break. The market led by Bitcoin has been on a pretty sharp decline from the promising moves in the last 24 hours. Analysts and bulls, even the respected crypto trader Peter Brandt find this discouraging.
In a Tweet, the veteran trader confirmed that Bitcoin was in a correction and might stay down for some time. Brandt had in May predicted a parabolic price surge for Bitcoin when the market was in its most bullish phase.
At the time, Bitcoin surged so much faster than Brandt anticipated and he further predicted a slight correction that would place it on the right path (a slower one) to the perfect parabolic move.
This time, he became a bit on the bearish side when Bitcoin plummeted from $8,700 to under $8,000. This has been confusing to several analysts who also have lost confidence on where next the price would go. However, they seem sure of the likelihood of a greater downward trend.
Josh Rager, another renowned analyst said if Bitcoin closed the day (yesterday) below $8,200 then a continuous downward trend to the high $7ks was imminent. As predicted, Bitcoin is already trading at $7,900 at the time of writing this article. He, however, did not mention if the price would plummet further, but the general atmosphere emits fear that this could be possible.
A serious dip was expected this way in April too and the Tether-Bitfinex fiasco was expected to drag Bitcoin down significantly. However, the asset and the entire market managed to break out of it at the time. Indeed, this is the first major pullback since May, bringing the price of Bitcoin all the way from $9,100 which was a new level attained this year.
With the cryptocurrency market, all things are possible even though a man like Peter Brandt has taken the bearish side. The market may flip to the bullish side in the coming days of the week even though it does not seem like a possibility right now. At least if it crashes further, some people will have the chance to buy the dip and profit from the next rise which will come.