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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Brace For Impact: A Dot Com Magnitude Crash To Rock The Crypto Market?

Best Owie
Best Owie
1 year ago
3 mins read
Crypto coin Bitcoin

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The crypto market has been through a rollercoaster of a weekend. It follows on the back of bitcoin listing its footing above the $40,000 level last week, although the digital asset has done a good job holding above the $36,000 support level. However, it seems that the end of this bear trend may not be near given some recent chart action happening in the stock market. If this prediction comes to fruition, then the market may see more value shaved off its market cap soon.

A Dot Com-Like Crash?

Peter Brandt has recently posted a concerning chart that shows eerie similarities to the dot com crash of the early 2000s. Brandt is known for predicting the crypto market crash of 2018 and is a respected chartist in the space. Having proven to know his charts, his predictions have become quite popular among crypto investors.

Related Reading | TA: Bitcoin Consolidates Below $39k: What Could Trigger Another Decline

This is why Brandt posting a chart of the Nasdaq 100 that looks like that of the dot com chart right before the crash has worried investors. Basically, if this turns out to be like what happened in 2001, then the market may see a lot of stocks lose their value very quickly.

Bitcoin price chart from TradingView.com

BTC recovers above $38,000 | Source: BTCUSD on TradingView.com

Now, it is important to note that the Nasdaq is trading at a significantly higher point than it did in the early 2000s. However, the recent market movements seem to closely mirror the movements recorded before the crash. Brandt has termed this deja vu with arrows pointing out the similar market patterns from both points in time.

"It's Deja Vu all over again"
–Yogi Berra, late 20th Century American philosopher pic.twitter.com/aFch8sx1PA

— Peter Brandt (@PeterLBrandt) April 21, 2022

How This Affects Crypto

As the crypto market has gotten bigger, the correlation with the stock market has risen drastically over the past few months. This has closely tied the movement of the stock market to that of the crypto market. What this means is that when the stock market goes up, so does the crypto market, and vice versa.

Therefore, a dot com magnitude crash in the stock market could have some dire implications for the crypto market. If stocks were to lose a significant portion of their value over a short period of time, the crypto market is likely to follow, leading to massive crashes across both large and small cryptocurrencies alike. 

Related Reading | Bitcoin Struggles To Hold $40K While Crypto Track US Stocks

This does not fall far from Brandt’s prediction for the leading digital asset in the crypto market. Bitcoin which continues to face opposition at the $40,000 mark may decline to as low as $28,000 according to Brandt. This would be the completion of a bear channel, he added.

Regardless of whether a dot com-like burst is imminent or not, indicators for the crypto market are currently not favorable. With the market down almost 50% from its all-time high, there may be more downtrend to come as investor sentiment continues to shift into the negative.

Featured image from CNBC, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Created by industry experts and meticulously reviewed
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