The analyst believes that bitcoin will set an anti-record due to a drop in interest in it

The price of bitcoin could fall by 80% from current levels. Such predictions were made by an experienced veteran trader Peter Brandt. In December 2017, he accurately predicted the collapse of prices for the flagship digital asset.

The largest cryptocurrency by market capitalization closed May, a historically bullish month, in bearish territory. Bitcoin faced tremendous downward pressure from traditional markets amid tighter central bank regulation and the aftermath of Russia’s invasion of Ukraine. In May, the collapse of the Terra UST stablecoin and the LUNA token also caused considerable damage to investor confidence.

Most analysts agree that the price of bitcoin may decline, but Peter Brandt’s forecast is particularly dire. He believes that the collapse in prices for the flagship cryptocurrency could set an anti-record. According to him, in the short term, bitcoin could fall to $ 12,000 — and this would be the first time that the correction would fall below the historical low of 2017, which was $ 20,000.

Bitcoin is currently trading at a critical point by all indications. However, after a mini-surge to $ 30,000 last Monday and then to $ 32,000 the next day, investors have hopes of a «big comeback» for the digital asset.

In total, over the past 30 days, the pioneering cryptocurrency has lost more than 18.8% of its value, and its market capitalization has fallen from $ 760 billion to the current value of $ 566 billion.

As a reminder, bitcoin recently entered the top 10 most expensive assets in the world.