Renowned trader Peter Brandt has issued a cautionary alert, indicating a bearish signal for Bitcoin that suggests a possible downtrend towards lower price levels.
Brandt shared his insights with his vast audience of 763,600 followers on the social media platform X, highlighting a potential bearish reversal pattern forming on Bitcoin’s daily chart. This pattern could potentially lead to a significant drop into the $70,000 range.
“This is not a prediction, just a presentation of possibilities, not certainties. BTC’s right-angled broadening triangle could indicate a retracement back to the $70,000s and a test of the parabolic trend.”
Based on Brandt’s chart analysis, Bitcoin could potentially drop to as low as $76,614 if it breaks below the support level around $90,000.
As of the current writing, Bitcoin is priced at $97,201, showing a slight increase in the last 24 hours.
In addition to his Bitcoin forecast, Brandt also expressed concerns about Cardano (ADA), noting a potential head and shoulders pattern on the daily timeframe. This pattern, considered a bearish reversal signal in technical analysis, could indicate the end of ADA’s upward trend.
“Cardano seems to be heading towards a potential downturn.”
At the time of writing, ADA is trading at $0.95, reflecting a 7.2% increase in the past 24 hours.
Furthermore, Brandt pointed out a positive development for XRP, suggesting that the altcoin is forming a bullish continuation pattern on its daily chart.
“XRP appears to be resolving a half-mast flag. If confirmed, the upside potential should match the advance into the flag’s tip.”
XRP is currently trading at $2.28, showing a slight uptick in the recent trading day.
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Image Credit: Midjourney