Veteran trader Peter Brandt is sounding the alarm about Bitcoin’s recent price dip. He says the cryptocurrency needs to break through a key resistance level to confirm its bullish trend is still in place.
Bitcoin’s Bullish Trend on Thin Ice
Brandt, who has a massive following on social media, says Bitcoin’s recent rally hasn’t been enough to convince him the market is truly bullish. He’s looking for a weekly close above $71,000, followed by a new all-time high, to confirm the trend that started in November 2022 is still intact.
Bearish Signals on the Daily Chart
On the daily chart, Brandt sees a bearish pattern called “Three Blind Mice” forming. This pattern suggests the current downward trend in Bitcoin is likely to continue.
XRP/BTC Could Be Heading for a Big Drop
Brandt is also warning about XRP, the cryptocurrency associated with Ripple. He believes the XRP/BTC pair is forming a head and shoulders pattern on the monthly chart, which is a bearish signal. If this pattern plays out, it could lead to a significant drop in XRP’s price against Bitcoin.
Disclaimer: This is not investment advice.
Remember, these are just the opinions of one trader. Do your own research before making any investment decisions.
