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For a long time now, crypto has been here and while seeing it keep its journey full of ups and downs make many people think of it as a bubble to burst
- The way crypto market acts many experts and analysts compares the hype with the same was of stock market at the time of dot com crash
- Popular Chart expert Peter Brandt has also posted the chart indicating the claim to be somewhat the same
This weekend has been a rollercoaster, however nothing new that the crypto sector has seen for the first time, it’s in nature per say. Last week the recent fall has seen bitcoin drop from its $40,000 level although at the later part managed to stay at a support level of $36,000. While looking at the recent chart action going on in the stock market, it doesn’t seem that this bear trend is ending anytime soon. Several predictions even say that the market could see more value away from the market cap.
Recently, prominent chartist Peter Brandt has posted a chart having concerns that showed some sinister similarities with the dot com crash in early 2000s. Now for crypto investors, the assumption that Brandts is making becomes crucial as he’s one of the experts and respected chartists in the market where he correctly predicted the 2018 crypto market crash.
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So when Brandt posted a Nasdaq 100 chart that looked like that of the chart of dot com right before the crash and that worried investors in the space. It’s clear that if this all turns out to be right and alike what happened in 2001 then the market will end up seeing lof of its stocks losing their values rapidly.
At this time then it’s important to note the movement of the market and Nasdaq is trading at a really higher point than it was in the early 2000s. The recent market conditions however, seem to mirror the movements closely that were recorded prior to the crash. While sharing the chart on Twitter, Brandt has termed the situation to be some kind of deja vu with some arrows pointing out the somewhat similar market patterns that are from both points in time.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
