Veteran trader Peter Brandt is predicting a wild ride for Bitcoin (BTC), potentially involving a significant drop before a massive rally.
Bitcoin’s Potential Dip and Rise
Brandt, who boasts a huge following on X (formerly Twitter), sees a price pattern in BTC’s recent movements – a “bump, hump, slump, and dump.” He suggests this pattern, similar to one seen before BTC’s surge from $50,000 to over $100,000 last year, could lead to a dip to around $84,000 before a climb towards $150,000. However, he cautions that a more significant drop to $76,000 is possible if a bearish head-and-shoulders pattern plays out. This pattern often signals a potential reversal of an uptrend. Brandt highlights a support level around $90,000. He notes that the head-and-shoulders pattern could either complete as predicted, fail, or evolve into a larger pattern. At the time of writing, BTC is trading around $94,625.
XRP: The “Leader of the Pack”
Brandt also sees positive signs for XRP, a payments-focused altcoin. He points to XRP breaking out of a six-week consolidation period after surpassing a key resistance level, calling it the “leader of the pack.” At the time of writing, XRP is trading at $2.53.
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