Top Traders Say Crypto Market Is Capitulating And Bitcoin May Find Bottom At $27K


Top Traders Say Crypto Market Is Capitulating And Bitcoin swoons below At $27K as investors hunt for new bottom

Peter Brandt believes that $27,000 is Bitcoin's local bottom, but that the asset class might go far lower.

Bitcoin (BTC), the world's most valuable cryptocurrency by market capitalization, has been in free fall since the Federal Reserve raised interest rates last week to combat increasing inflation in the US economy.

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Based on Bitcoin's enormous drop, renowned futures trader Peter Brandt previously projected that the world's largest cryptocurrency would fall below $28,000 if it failed to hold above $30,000.

In less than two days, his forecast came true, with the top asset class dropping to a low of $27,300 in the early hours of today.

Following Bitcoin's recent decline, Brandt, who has previously remarked on the asset class, turned to Twitter to offer a TradingView chart of the cryptocurrency.

He believes that $27,000 may be the local bottom for Bitcoin and that a drop below $28,000 might signal the conclusion of the asset class's one-year slump.

Furthermore, according to Brandt, the increase in Bitcoin volume might indicate a "puke-out surrender" of traders in the new asset class.

"This is the volume increase that might signal puke-out surrender and the start of the one-year drop," Brandt explained.

While Brandt feels $27,000 may be the top asset class's probable bottom, there is no assurance that BTC will not go further.

"Can the slaughter go on?" Everything is conceivable, including a local bottom. The senior futures trader continued, "I've highlighted 27,000 locations as probable lows, and that may be $BTC."

Veteran analysts are concerned about a possible market capitulation.

Similarly, Credible Crypto, a famous crypto analyst on Twitter, expressed concern that Bitcoin may go much lower than $28,000, saying that it would take a miracle to keep the asset class above that level.


Unfortunately, the analyst's concerns were realized as Bitcoin fell below $28,000 in the early morning hours. Bitcoin is trading at $27,311 at the time of writing, down 13.2 percent in the previous 24 hours.

Meanwhile, Michaal van de Poppe, the CEO and creator of Eight Global, stated that the cryptocurrency market is on the verge of collapse, citing the recent loss of 15.7 percent in the previous 24 hours.

"The markets have capitulated. "We're getting there," Poppe remarked.


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