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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Generated Image: Midjourney
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