Veteran trader Peter Brandt is cautioning that Bitcoin is showing bearish signals, suggesting that the price of BTC may decline significantly. Brandt, who has 763,600 followers on the social media platform X, explains that Bitcoin might be forming a bearish reversal pattern on the daily chart, which could result in a drop to around $70,000.
Analyzing Brandt’s chart, it appears that he predicts BTC could fall as low as $76,614 if it breaks below the support level at approximately $90,000. Currently, Bitcoin is trading at $97,201, with a slight increase in the past 24 hours.
Brandt also warns that Cardano (ADA), an Ethereum rival, may be forming a head and shoulders pattern on the daily timeframe. If the support level at $0.91 fails to hold, ADA could experience a significant decline. A head and shoulders pattern is typically considered a bearish reversal structure in technical analysis, indicating the end of an asset’s upward trend.
As for the payments-focused altcoin XRP, Brandt suggests that it is forming a bullish continuation pattern on the daily chart. He believes that if this pattern is confirmed, XRP’s price could increase to the same extent as the previous advance.
At present, XRP is trading at $2.28, showing a slight increase in the past day.
Please note that the opinions expressed in this article are not investment advice. Investors should conduct their own research and exercise caution when investing in Bitcoin, cryptocurrencies, or digital assets. Transfers and trades are done at one’s own risk, and any losses incurred are the responsibility of the individual. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets and is not an investment advisor.
