Veteran trader Peter Brandt warns that there is a 50% chance that Bitcoin (BTC) will fall below $40,000 this cycle.
Brandt tells Bitcoin could potentially plummet by more than 35% from its current value before the end of next year, according to its 734,000 followers on social media platform
“I believe there is a 50% chance that BTC will reach less than $40,000 before the last half of the halving plays out.”
Also burns suggests that Bitcoin’s price action this year may form an inverted right-angled wider triangle, similar to Bitcoin’s 2020 black swan event at the start of the Covid-19 pandemic. This pattern is also called the falling widening wedge, which could lead to a bullish reversal over time if the lower trendline is held as support.
“The inverted right-angled widening triangle was coined by Richard W. Schabacker in his 1934 book ‘Technical Analysis and Stock Market Profits.’ The graph of Bitcoin is also shown. Although the upper limit is not horizontal, I still think the two fit together well.”
Bitcoin is trading at $61,306 at the time of writing, up 10.7% in the past 24 hours.
Next up, Brandt shares a chart indicating that smart contract platform Solana (SOL) will clearly outperform its rival Ethereum (SOL/ETH) in the coming months and notes that the trend may continue due to key differences between the two networks.
“In the battle between SOL and ETH, it was inevitable that there would be a clear winner.
- ETH: cumbersome, expensive, flawed, claims to be decentralized when it isn’t.
- SOL: user-friendly, good basis.
SOL should gain 100% on ETH in the coming months.”
SOL/ETH is trading at 0.06059 BTC ($160) at the time of writing, down slightly over the past 24 hours.
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Generated image: Midjourney