Famous trader Peter Brandt, Bitcoin $92,802.9He evaluated the possibility that there might be a correction before a big rise. Brandt, with his 771,500 followers on the social media platform, stated that Bitcoin exhibits certain price patterns.
Price Model and Expectations
Brandt stated that Bitcoin exhibits a price pattern using the terms “bump, hump, slump and dump”. He observed this pattern last year before Bitcoin rose from $50,000 to over $100,000.
Fall and Rise Scenario
It is stated that this pattern indicates the possibility of Bitcoin falling to around $84,000, recovering and then rising to $150,000. “Whether Bitcoin will rise through a calming decline or a longer squeeze is a big question mark,” Brandt said.
Head and Shoulders Model
Brandt warned that if Bitcoin completes the head and shoulders (H&S) pattern on the daily chart, the price could fall to $76,000. This pattern indicates that an asset is losing momentum and could reverse the uptrend if it breaks below the support level.
Peter Brandt: “This is a classic H&S crown pattern. BTC H&S patterns can do three things: reach the target and continue the trend, fail with a bear trap, or turn into a larger pattern.”
According to the current trading price, Bitcoin is trading at $94,625. Brandt also focused on XRP, stating that it is the leader of the major market value altcoins.
After a six-week consolidation period, XRP broke the bullish resistance above $2.38. Brandt stated that XRP is the “leading pack”. The current price of XRP stands at $2.53.
These evaluations in the Bitcoin and XRP markets can be important indicators for crypto investors. However, it should be taken into account that market dynamics can change rapidly.
Chart Analysis and Market Movements
Brandt’s chart analysis offers important clues about the future movements of Bitcoin and XRP. Investors can use this type of technical analysis to determine their market strategies.
Bitcoin’s support level is set at approximately $90,000, and it is stated that a decline below this level could cause the asset to decline further.
This rise of XRP after the last consolidation period may contribute to its emergence as a leader in the altcoin market.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
