In an unprecedented turn of events, top crypto analyst Peter Brandt’s recent remarks have raised severe concerns among investor and traders across the market. Today, Brandt took to X, anticipating another potential dip in the BTC price to $40K looming over the crypto horizon. In the wake of the United States entering into a recession, these remarks have gained significant traction across the crypto industry. Here’s a brief report on why traders and investors are currently on their toes, expecting a potential crypto crash again in the coming days.

Peter Brandt Warns Of Bitcoin Crash

In a post shared by one of the leading analysts, Peter Brandt, on X today, August 8, it was brought to attention that “there is a 50% chance BTC visits sub-$40k before the last half of the halving plays itself out.” This statement has promptly fueled speculations among investors and traders as recent market events further tilt the odds in favor of a bearish movement for the cryptocurrency sector.

The United States is currently entering into a recession, leading analysts anticipate. This is primarily attributable to slower job growth, industry layoffs, unchanged interest rates, and broader macroeconomic factors.

The U.S. unemployment rate came in hot at 4.3%, more than the expected 4.1%. Further, the nonfarm payrolls increased by only 114,000, marking the smallest gain since April 2024.

Additionally, the FOMC announced no rate cuts as of July, with fears building that the Fed might be to slow, considering the inflation. Also, with tech giants such as Dell, Riot Games, Intel, among many others, cutting their workforce over 10%, jobs nationwide remain at risk.

This data collectively portrays a potential crypto crash looming over the horizon. However, as mentioned above, Brandt’s 50% chances may by outweighed by recent bullish aspects orbiting Bitcoin.

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What Market Data Tells?

Following a recent crypto market crash, the current market sentiment remains that of a recovery. BTC price slipped to a $49K level low, subsequently regaining a hold above $58K as of press time. Bitcoin rested at $58,861, up 4.72% in the past 24 hours. The strong recovery underscores a resilient market sentiment prevailing for the asset.

Additionally, Bitcoin whales have bought the recent dip, further hinting at strong confidence in the asset’s potential to pump ahead. This decision by large scale investors also falls in line with the BOJ’s decision to halt interest rate hikes. Collectively, these factors underline the market’s confidence in the asset’s potential to offer gains ahead, contrary to Brandt’s recent remarks.

Also, Bitcoin buying pressure saw a significant rise in the U.S., as revealed by CoinGape Media. This surge, despite rising concerns of a recession, adds to contrasting market sentiments.

Also Read: Donald Trump Calls Press Conference, ‘Huge’ Crypto Announcement?

The post Peter Brandt Warns Over Another Crypto Crash, What’s Next? appeared first on CoinGape.

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Filed under: News - @ August 8, 2024 4:26 pm