Wednesday, June 12, 2024

Seasoned Trader Peter Brandt Warns of Bitcoin’s Downside Ties

Veteran trader Peter Brandt issues a cautionary note, suggesting that Bitcoin (BTC) is shedding crucial support and may undergo a significant downward shift. In a tweet to his extensive following of 697,000 on Twitter, Brandt points out the crumbling stability of Bitcoin’s price action within the $25,000 range.

Brandt underscores the importance of various indicators, including a downward 18-day moving average (MA) and 8-day MA, which have contributed to the creation of a critical price level. He describes this state as a state of equilibrium, with four consecutive closing numbers falling within a range of just 3/10th of 1%, signifying what he calls “hinge” behavior—a clear indication of an impending trend reversal in a digital asset.

As of now, Bitcoin is trading at $24,930, reflecting a 4.1% decline over the past 24 hours amidst the dip in the crypto markets. Brandt further predicts that Bitcoin will outperform all other digital assets, including Ethereum (ETH), the leading altcoin and smart contract platform. In fact, he asserts that Bitcoin is the sole contender in the crypto sphere that will successfully endure the long haul, considering other assets as mere wannabees or scams, with Ethereum surviving but Bitcoin remaining the true legacy.

Ethereum, at the time of writing, is valued at $1,640, registering a 5.7% decrease in the past 24 hours, demonstrating its vulnerability during the market downturn.

Read Also: MicroStrategy Founder Michael Saylor: SEC Actions Ensure Bitcoin Dominance in Crypto Industry

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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