Peter Brandt calls the current crisis “an ideal storm” for bitcoin

Well-known trader analyst Peter Brandtbelieves that the global crisis caused by the coronavirus pandemicis decisive for bitcoin and the cryptocurrency industry as a whole.

As Brandt wrote on Twitter, bitcoin will have “big problems” if it cannot demonstrate growth against the backdrop of a fall in the traditional financial market.

The analyst expressed this opinion, answering the question of Morgan Creek Digital partner Jason Williams about how he assesses the behavior of bitcoin in recent days.

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“For Bitcoin, this is the perfect storm. If he does not demonstrate the rally, cryptocurrencies will have big problems. ”

Before that, assessing the state of affairs on financialmarkets last Friday, Peter Brandt wrote that the US Congress is in a “time capsule,” launched straight from the 1930s. Thus, he made a reference to the times of the Great Depression, when, against the backdrop of the economic crisis, the US unemployment rate rose to record levels of 26.7%.

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Earlier this week after the Fed’s announcement ofThe intention to continue the policy of "unlimited" quantitative easing until the economy recovers from the shock caused by the coronavirus pandemic, Bitcoin showed growth, having come to grips with $ 7,000. However, in the future, the price of the first cryptocurrency went down - the fall on Friday night turned out to be especially sharp, when BTC for a short period went from $ 6,700 to $ 6,200. On Saturday, the price of bitcoin came close to $ 6,000.

Analysts do not exclude that the fall may continue, citing the level of about $ 4000 as a possible testing level.