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Prominent analyst doubts COVID-19 and hyperinflation will help Bitcoin

  • Brandt doubts bitcoin will grow due to a shattered economy

  • Recovery can take much longer than many would like

  • The market is now dominated by fear and uncertainty

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Bitcoin has fewer reasons to expect a positive outcome of the May halving due to widespread skepticism about the future of the cryptocurrency.

Bitcoin price recovery will take much longer than many would like..

A well-known analyst doubts ...

At least this is hinted at by the famous analyst and trader Peter Brandt..

Brandt believes that a recovery in the price of bitcoin is possible only in the long term, but this will not at all be related to the fact that the generation of baby boomers “destroyed” the traditional financial system..

A well-known analyst doubts ...

The growth, according to Brandt, will also not be associated with the COVID-19 pandemic and with hyperinflation caused by the excessive artificial pumping of the American economy..

I believe the long-term narrative. Yet, just because my generation (Boomers) ruined the financial system does not automatically mean BTC will do a moon shot.

– Peter Brandt (@PeterLBrandt) April 13, 2020

However, the well-known analyst decided this time not to name specific numbers or terms, as it was in previous times..

Adjusting to the situation

So, for example, Brandt previously wrote on his Twitter page that Bitcoin has every chance of falling to the level of $ 1000 due to the total panic caused by the Chinese coronavirus pandemic, which has already infected almost 2 million people, and has died over 120 thousand.

Brandt also stated that assets like gold and bitcoin should be viewed more as an insurance against the financial crisis than an investment opportunity..

No support

However, the recent Bitcoin crash of more than 30% casts doubt on Brandt’s theory. Bitcoin showed a high correlation not only with S&P 500, but generally began to behave quite differently from what was expected of him at the time of financial turbulence.

The unknown creator of such popular bitcoin sites as and Bitcointalk under the pseudonym “CØ₿RA” even stated that neither the largest cryptocurrency by capitalization, nor other digital assets can be a means to reduce risks against the highly volatile financial market.

Arthur Hayes, head of the digital crypto exchange BitMEX, adheres to the same near-term negative forecasts. He believes that bitcoin is well placed to test the lows in the $ 3,000 range once again before attempting to reverse to the $ 20,000 levels before the end of this year..


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A well-known analyst doubts ...

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