Veteran trader Peter Brandt is cautioning investors that Bitcoin may be facing a bearish signal, indicating a potential drop in price. Brandt, who has a large following on the social media platform X, suggests that Bitcoin could be forming a bearish reversal pattern on the daily chart, potentially leading to a decline to the $70,000 range.
While Brandt emphasizes that this is not a prediction but rather a possibility, he points out that BTC could dip to as low as $76,614 if it breaks below the support level around $90,000. At the time of writing, Bitcoin is trading at $97,201, showing a slight increase in the last 24 hours.
In addition to his analysis on Bitcoin, Brandt is also keeping a close eye on Ethereum rival Cardano (ADA). He notes that ADA may be forming a head and shoulders pattern on the daily timeframe, which could signal a bearish reversal if the support level at $0.91 is breached. This pattern typically indicates the end of an uptrend for an asset.
On the other hand, Brandt sees potential for payments-focused altcoin XRP to continue its bullish momentum. He suggests that XRP is resolving a half-mast flag pattern on the daily chart, with a potential breakout to the upside. XRP is currently trading at $2.28, showing a slight increase in the past day.
Overall, Brandt’s technical analysis provides valuable insights for cryptocurrency investors looking to navigate the volatile market. It is important to note that these are not certainties but possibilities to consider in making informed investment decisions.
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