Veteran trader Peter Brandt warns that a bearish signal is flashing for Bitcoin, suggesting that BTC could be headed for significantly lower prices.
Brandt shares with his 763,600 followers on the social media platform
“Hey trolls, this isn’t a prediction. I simply always point out possibilities, not probabilities, not certainties. No screenshot required. The BTC right-angled expanding triangle could return to the $70,000 level and be a test of the parabolic modality.”
Looking at the trader’s chart, he appears to be predicting that BTC could fall as low as $76,614 if it breaks the support at around $90,000.
Bitcoin is trading at $97,201 at the time of writing, up slightly in the last 24 hours.
Brandt also warns that Ethereum (ETH) rival Cardano (ADA) may be forming a head and shoulders pattern on the daily timeframe and could crash if the support level at $0.91 is not held.
A head and shoulders pattern is typically viewed in technical analysis as a bearish reversal structure, suggesting that the asset’s upward trend…
