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Veteran trader Peter Brandt is warning that a bearish signal is flashing for Bitcoin, indicating that BTC might head to much lower prices.
Brandt tells his 763,600 followers on the social media platform X that Bitcoin may be forming a bearish reversal pattern on the daily chart that could lead to a dip into 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.”
Looking at the trader’s chart, he seems to predict that BTC may drop to as low as $76,614 if it shatters support at around $90,000.
Bitcoin is trading for $97,201 at time of writing, up fractionally in the last 24 hours.
Brandt is also warning that Ethereum (ETH) rival Cardano (ADA) may be printing a head and shoulders pattern on the daily time frame and could plunge if the support level at $0.91 fails to hold.
A head and shoulders pattern is typically considered a bearish reversal structure in technical analysis, suggesting that the asset’s uptrend is over.
“Cardano looks like a potential car crash.”
ADA is trading for $0.95 at time of writing, up 7.2% in the last 24 hours.
Lastly, Brandt suggests that payments-focused altcoin XRP is printing 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 trading for $2.28 at time of writing, up slightly in the past day.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
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