Well-known trader and analyst Peter Brandt believes that the global crisis caused by the coronavirus pandemic is crucial for Bitcoin and the cryptocurrency industry as a whole.
For BTC, this is the perfect storm.— Peter Brandt (@PeterLBrandt) March 27, 2020
If Bitcoin cannot rally on this, then crypto is in BIG trouble.
As Brandt wrote on Twitter, Bitcoin will have “big problems” if it cannot demonstrate growth against the backdrop of a fall in the traditional financial market.
The analyst expressed this opinion, answering the question of Morgan Creek Digital partner Jason Williams about how he assesses the behavior of Bitcoin in recent days.
“For BTC, this is the perfect storm. If Bitcoin cannot rally on this, then crypto is in BIG trouble".
Before that, assessing the state of affairs in the financial markets last Friday, Peter Brandt wrote that the US Congress is in a “time capsule”, launched directly from the 1930s. Thus, he made a reference to the times of the Great Depression, when, against the backdrop of the economic crisis, the US unemployment rate rose to record levels of 26.7%.