The bulls recently revealed their presence in the market, allowing Bitcoin to rise to over $ 10,000 very quickly . After Bitcoin went above $ 13,000, the bear market gained control and the price rate somehow declined by $ 2,000.
“Ripple can drop to $ 0.16”
With this move of Bitcoin, analysts began to fear not only for Bitcoin but also for other subcoins. According to well-known investor Peter Brandt , if Bitcoin undergoes a quick correction, Ripple’s crypto money can drop to $ 0.16. So Ripple can lose 50% value. Such a move could reduce Ripple’s market value by as much as $ 7 billion.
— Peter Brandt (@PeterLBrandt) July 11, 2019
Brandt says that Ripple has been fighting against the dollar for nearly 9 months, and that half of this loss could happen. However, according to the analyst’s explanation, it is not clear why a decline of up to $ 0.16 would occur.
In addition, an experienced investor recently announced that most of the subcoins other than Bitcoin are likely to fail in the future. Brandt added that he would not be surprised if 95% of the crypto currencies failed in the future.
As we know, Ripple has recently signed many important collaborations such as MoneyGram partnership. However, the price did not see the effect of these cooperations.
Short Term Bear Market
For now, Brandt said he expects a short-term downward trend from the crypto currency market. The famous investor stated that if the parabolic graph is broken, a decrease of up to 80% can be experienced. Breaking the parabolic curves leads to declines in the crypto currency market in general. Brandt bases his view on these historical examples.
In addition, Brandt thinks Bitcoin will reach $ 100,000 by 2020 . In other words, according to the investor, the bull market will show itself in the market in the short term and in the long term.