Thursday was a major day for Bitcoin (BTC). It fell all the way to $57,300, which was its lowest level in almost three months. It went down for the whole bitcoin market, and Ethereum, which is the second-largest by market value, was a part of it.
Liquidations have made $319.98 million in the last 24 hours, if you don’t count the funds they lost earlier in the week. Since the start of the week, the market for cryptocurrencies has lost $176 billion.
Bitcoin Prices Drop Further
Due to the sudden drop in prices, many investors are scared, confused, and do not trust. The well-known dealer Peter Brandt, who knew a lot about the stock market, was not optimistic.
Something Brandt found is called a “bear flag,” and it means that Bitcoin could fall even more. From what he has learned and what a thorough chart shows, investors should be very careful.
“In the U.S., we always pay attention to flags over the Fourth of July weekend,” Brandt quipped, adding some humor to his otherwise dull analysis.
Brandt’s study shows that people who buy Bitcoin will have a rough time. His point of view could help buyers get ready for more drops, but it won’t be clear for a long time what did happen.
