The cryptocurrency market has gone on a sudden dip recently, losing over $30 billion in just a few hours. This is kind of a shock to the cryptocurrency community, but veteran trader Peter Brandt says it could get much worse. He says the total market capitalization may see 80% correction and altcoins will suffer more.
Brandt had earlier this month said XRP, the number three cryptocurrency will be going to $0.16 dollars if Bitcoin experiences an intermediate correction. He is saying it again that altcoins may suffer terribly in his currently predicted 80% correction.
Altcoins have historically suffered whenever Bitcoin surged in price and the condition isn’t any better when Bitcoin corrects. At the time of writing, Bitcoin dominance in the market is slightly over 66%, a level that has been predicted to crush altcoins if Bitcoin extends further. It is therefore not surprising that a general fall in the market’s total capitalization will actually do a lot of harm to altcoins.
It seems the crypto community had a clue the correction was going to come but just didn’t know when. Some say it should have happened at $6,000 not at $14,000 as hopes have been raised high at well over $10,000.
The certainty of the correction was based on the speed at which the market surged particularly for Bitcoin. Brandt had also said earlier in the surge that Bitcoin was rising to fast and would have to retrace to take a less steep slope.
It will be difficult to argue against the possibility of an 80% correction now as Brandt’s predictions have come to pass most of the time. The question is how low Bitcoin will actually go.
For most people, the lower it goes the better as it will provide another opportunity to buy for those who missed it the first time. The top cryptocurrency is currently at $9,578 having lost over 16% in the last 24 hours, most of which was lost in the last six hours and of course, almost all altcoins are in the red. An 80% correction sounds kind of wild though and some people are still asking if the market will go that far.
