Veteran trader Peter Brandt is cautioning that Bitcoin may be on the verge of a bearish trend, with potential for a significant drop in prices.
Brandt informs his 763,600 followers on the social media platform X that a bearish reversal pattern might be forming on the daily chart for Bitcoin, signaling a possible decline towards the $70,000 range.
“Hey trolls, this is not a prediction. Just always pointing out possibilities, not probabilities, not certainties. No screenshot is necessary. BTC right-angled broadening triangle could project back into the $70,000s and a test of the parabolic modality.”
By analyzing the trader’s chart, it appears that BTC could drop to as low as $76,614 if it breaks support around $90,000.
Bitcoin is currently priced at $97,201, showing a slight increase in the last 24 hours.
Brandt also raises concerns about Ethereum (ETH) competitor Cardano (ADA), suggesting that it may be forming a head and shoulders pattern on the daily timeframe, which could result in a significant decline if support at $0.91 is breached.
A head and shoulders pattern is generally considered a bearish indicator in technical analysis, indicating the end of an asset’s upward trend.
“Cardano looks like a potential car crash.”
ADA is currently trading at $0.95, marking a 7.2% increase in the last 24 hours.
Lastly, Brandt suggests that XRP, a payment-focused altcoin, is displaying a bullish continuation pattern on the daily chart.
“XRP appears to be resolving a half-mast flag. If so, distance to the upside should equal advance into the tip of flag.”
XRP is currently trading at $2.28, showing a slight increase in the past day.
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Generated Image: Midjourney