BNB, Solana & Ethereum Prices Drop; Chartist Peter Brandt Predicts Bitcoin Will Become Crypto King

2 min read

The market capitalization of cryptocurrencies plummeted by over $200 billion over the weekend. Initially, the crypto market rallied after the Fed raised its rate by the most since 2000. After those optimistic days, Bitcoin’s (BTC) price has now dropped to its lowest levels of the year.

Top cryptocurrencies are plummeting

The market leader Bitcoin has fallen nearly 9% over the past week and is 30% lower than it was at the start of the year. Bitcoin (BNB) and Ethereum (ETH) have suffered similar losses according to CoinMarketCap data. Solana (SOL), which topped the performance charts last year, has declined 13% on the week and nearly 60% on the year.

Global central banks are battling inflation, which has resulted in a sharp drop in crypto prices. The Federal Reserve chairman, Jerome Powell, has predicted that additional rate hikes are likely in the coming months. A tightening of the economy has resulted in a withdrawal from high-risk assets like cryptocurrency. Cryptocurrencies are struggling due to geopolitical uncertainty and the Russian invasion of Ukraine.

Will the crypto crash continue?

It is nearly impossible to predict how much further cryptocurrency prices will fall without a crystal ball. Additionally to the economic pressures, there are a number of other factors — including increased regulation — that may force prices even lower. We aren’t in the same economic climate as last year, which drove astronomical price increases.

Chartist Peter Brandt predicts that Bitcoin could fall to a low of $28,000 in the short term. As of right now, it is worth approximately $34,500, so that would mean another 18% drop. Since Brandt predicted the last crypto crash in 2018, his analysis is more reliable. Some investors would undoubtedly find a further drop of this size difficult to swallow, but what really matters is the long-term outlook for the crypto king.

Bitcoin, according to some, could become the digital currency of the future. It is also referred to as digital gold by others. However, some experts believe that it could eventually become worthless. From a variety of financial gurus, you’ll find long-term cryptocurrency price predictions ranging from $0 to $1 million. Bitcoin is expected to reach $100,000 over the medium term, according to many analysts.

Crypto Crashes & Investors’ Opportunities

Watching your crypto portfolio’s value decline is difficult as an investor. 

Newer crypto holders face this challenge even more. Those who have been investing in crypto for a while have lived through crashes before, but this may be a new experience for those who just started.

Don’t cut your losses and sell crypto investments today if you’re tempted to cut your losses. It’s almost impossible to predict the bottom of a crypto market. The price of Bitcoin could rise tomorrow, despite the dire predictions. If you sell now, you will lock in any losses and miss out on any future gains. This is one of the most common reasons people regret panic selling — they end up buying high and selling low.

It is important to only invest money you can afford to lose in order to avoid panic selling. Our asset has the potential to soar, but also crash completely. Your finances won’t be affected by a crypto crash if you limit your investments to cash you don’t need.

Keeping an eye on the long term is also useful. Almost two thousand percent has been gained since Bitcoin was valued at $1,700 five years ago. But another increase of this magnitude is unlikely in the near future. Even so, it is good to remember that so far, buy-and-hold investors have enjoyed big gains. Consider the reasons you initially purchased crypto and whether those reasons still hold true. Even during dramatic price drops, it is easier to hold.

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Chris Munch

Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.