.PeterLBrandt believes that the Terra fiasco is the key bearish catalyst for Bitcoin
predicted that the $27,000 could end up being a local bottom for Bitcoin, the world’s largest cryptocurrency. According to the prominent chartist, a huge spike in volume indicates that traders are capitulating.
Brandt has opined that the Terra disaster has now spilled over into “trustworthy” Bitcoin. As reported by U.Today, Terra’s LUNA, which used to be one of the biggest cryptocurrencies with a market cap of over $40 billion, collapsed to virtually zero within one day, sending shockwaves across the cryptocurrency market.Luna ETP Comes Close to Setting Major Record
Bitcoin has collapsed in lockstep with technology-related stocks. The Nasdaq 100 index is down 26.67%, which marks its worst year in history so far.