Veteran trader Peter Brandt is sounding the alarm, suggesting Bitcoin (BTC) might be headed for a significant price drop.
Bitcoin’s Bearish Signal
Brandt, who boasts a large following on X (formerly Twitter), highlighted a potential bearish reversal pattern on Bitcoin’s daily chart. He cautioned that this could send BTC prices tumbling into the $70,000 range. He emphasized this wasn’t a prediction, but rather a possibility based on his technical analysis. His chart analysis suggests a drop to as low as $76,614 if support around $90,000 breaks. At the time of writing, Bitcoin was trading around $97,201.
Cardano’s Potential “Car Crash”
Brandt also expressed concern about Cardano (ADA), identifying a potential “head and shoulders” pattern—a bearish indicator—on its daily chart. He warned of a possible price plunge if support at $0.91 fails. ADA was trading at $0.95 at the time of writing.
XRP’s Bullish Outlook
In contrast to his bearish outlook on Bitcoin and Cardano, Brandt sees a more positive outlook for XRP. He noted a potential bullish continuation pattern, suggesting further price increases. XRP was trading at $2.28.
Disclaimer
This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies. Investing in crypto carries significant risk, and you could lose money.
