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Veteran Trader Peter Brandt Sees Bitcoin Flashing Bearish Signal, Warns BTC Crashing Below $80,000 a Possibility

Veteran trader Peter Brandt is warning that a bearish signal is flashing for Bitcoin, indicating that BTC might head 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. “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.” Source: Peter Brandt/X Looking at the trader’s chart, he seems to predict that BTC may drop to as low as $76,614 if it shatters support at around $90,000. Bitcoin is trading for $97,201 at time of writing, up fractionally in the last 24 hours. Brandt is also warning that Ethereum ( ETH ) rival Cardano ( ADA ) may be printing a head and shoulders pattern on the daily time frame and could plunge if the support level at $0.91 fails to hold. 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.” Source: Peter Brandt/X ADA is trading for $0.95 at time of writing, up 7.2% 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.” Source: Peter Brandt/X XRP is trading for $2.28 at time of writing, up slightly in the past day. Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Veteran Trader Peter Brandt Sees Bitcoin Flashing Bearish Signal, Warns BTC Crashing Below $80,000 a Possibility appeared first on The Daily Hodl . The Crypto Basic

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Bonk Rockets 30% to Lead Dog Meme Rebound; Floki Termed `Utility Token` by CFTC

Solana-based bonk (BONK) led growth among dog-themed memes Saturday as bitcoin staged a recovery rally to above $98,000, a day after Friday’s bloodbath that pushed it near $93,000. BONK surged 30%, CoinGecko data shows , with dogecoin (DOGE), shiba inu (SHIB), dogwifhat (WIF) and floki (FLOKI) surging as much as 20%. The dog-themed token category gained 8% on average in the past 24 hours, beating a market-wide jump of 4.5% as tracked by the broad-based CoinDesk 20 (CD20) index. Memecoins are known for their high volatility and tend to outperform major tokens during price rallies, serving as a leveraged bet on the overall crypto market sentiment. However, in this case, fundamentals are helping back gains and sentiment among some memecoins. FLOKI was named alongside ether (ETH) and Avalanche’s AVAX as a utility token in a Commodity Futures Trading Commission (CFTC) meeting last month . The derivatives regulator proposed in a Global Markets Advisory Committee (GMAC) a new class of assets termed utility tokens, which fulfill six criteria that include providing their holder “immediately available, non-incidental consumptive use” in a crypto platform without including “governance and voting abilities.” "FLOKI was recently highlighted by the CFTC`s Global Markets Advisory Committee as a case study of a utility token, which is a big deal and validates Floki`s utility-first approach,” Floki lead developer B told CoinDesk in a Telegram message. “Floki`s Valhalla metaverse game will go live in early Q1 2024, and the recently released Floki Trading Bot has generated over a million dollars in fees. “This puts Floki on an entirely different level from other memecoins, especially when the market turns and people start to pay attention to fundamentals again,” B added. Elsewhere, interest in BONK comes as a host of activities intend to deflate token supply gain traction among users — a move that has historically contributed to higher prices. BonkDAO, a decentralized group of bonk believers that maintain the token, burned 100 billion tokens from the circulating supply in November and targeted a trillion token burn in December. This could increase the token`s value due to scarcity. The feat could meet its target in the weeks ahead, observers say . The Crypto Basic