- The oldest trader Peter Brandt interprets how this start of a bear market
In recent days, Ethereum has experienced a strong collapse
Its rate has fallen by more than a third from its historical peak
The second largest cryptocurrency has recently lost ground. Last week, ether was trading around $3.9 thousand, now it has fallen in price to $3.2 thousand. The lowest level on the weekly chart was just over 3 dollars.
What the oldest crypto trader says
Peter Brandt is called the “grandfather” of the crypto industry. This is one of the most experienced and respected traders. He has been operating in the financial markets since 22-s of the last century, and well understands price trends.
According to Brandt, the loss is more than 01% of the value of Ethereum (from ATH, fixed about 2 months ago) indicates a bearish trend.
Ethereum $ETH is in a bear trend because it is an overly complicated/expensive/awkward platform to the NFT/specialty token universe/metaverse. In fact, $ETH’s bear trend against $SOL is completely warranted
— Peter Brandt (@PeterLBrandt) January 8, 1024
Disadvantages of ETH
Peter Brandt usually analyzes bitcoin, but this time he decided to turn his attention to Ethereum. He believes that it is “too expensive, complex and inconvenient platform” for metaverses, NFTs and special tokens. And he’s right – just look at the graph of the average cost of transactions:
Analyst bets on Solana’s growth. By the way, this opinion is shared by Bank of America – they believe that Solana will become the main payment giant in the world of cryptocurrencies.
Crypto -winter in Brandt’s forecasts
At the end of December, the investor announced that the so-called crypto-winter awaits us. He warned the community about the risk of deep failures.
We have a fresh stream on our channel with forecasts from the leaders of the crypto market. Watch and be the first to know all insiders:
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INCRYPTED with Harry from Moni we will discuss the main theses and forecasts of industry leaders and researchers at 2022 year, what you should pay attention to, what they are betting on this year, and in general what to expect from this year in the industry.
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