Veteran Trader Peter Brandt Warns Bitcoin (BTC), Ethereum (ETH) Rival Cardano (ADA) May Be Headed 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.

Veteran trader Peter Brandt is keeping a close eye on Bitcoin (BTC), warning that a bearish signal is flashing on the daily chart.

According to Brandt, BTC might be forming a bearish right-angled broadening triangle on the daily time frame, hinting at a possible drop 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.”

Based on the trader’s chart, BTC may drop to as low as $76,614 if it shatters support at around $90,000.

Bitcoin is trading at $96,833 at the time of writing, according to CoinMarketCap.

Brandt is also keeping an eye on Ethereum (ETH) rival Cardano (ADA), which he believes may be printing a head and shoulders pattern on the daily time frame.

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 at $0.94 at the time of writing, up 6.6% 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 $2.26 at the time of writing, up slightly in the past day.