Veteran trader and investor Peter Brandt is mostly known in the cryptocurrency space for his Bitcoin (BTC) predictions. However, lately, he has been making analyzes that it will fall especially for an altcoin. It comes to the fore with its negative comments for Cardano (ADA). Here are the details… You can see the Bitcoin (BTC) price and detailed market data here.
Peter Brandt predicted that the popular altcoin ADA would collapse to these levels
Brandt, who has many analyzes related to Bitcoin or Ripple (XRP), in the field of crypto money, as we have also reported as Kriptokoin.com, has been making comments about Cardano recently. Cardano stayed well above the $0.42 support despite the recent bearish environment where the crypto markets were stuck. As cryptokoin.com reported, the asset witnessed some positive sentiment following the successful launch of the Vasil hard fork. However, a few analysts still see a decline.
Peter Brandt recently made another prediction on ADA’s price movements via Twitter. Brandt emphasized that the ADA chart has remained in a descending triangle since June. As the chart shows, ADA hit a high low of $0.64 on June 8. This resulted in a drop below the $0.42 support in July. Despite a quick rebound from the lows, ADA has since been stuck in a descending triangle. Brandt emphasized this situation, citing analysts such as Richard Schabacker. Brandt used the following statements in his tweet:
The ADA/USD chart suggests a classic descending triangle and a possible drop below .25, according to Schbacker, Edwards and Magee.
The $ADAUSD chart is a classic descending triangle per Schabacker, Edwards and Magee and suggests a possible decline to sub .25. Do charts always work? — not really, but when they do it is a thing of beauty. Note — I do NOT short #8hitcoins pic.twitter.com/HP6mEbChJq
— Peter Brandt (@PeterLBrandt) October 5, 2022
Charts may not always tell the truth
According to Brandt, ADA should exhibit a breakout from the descending triangle. If not, the asset is at risk of a drop to $0.25 below several support levels. ADA last saw $0.25 in January last year. But Brandt admitted that the charts don’t always work as analysts predicted. Despite that, he added, “when they work properly, it’s beautiful.” He also stated that he does not “short on shitcoins.”
Brandt had forecast a similar decline in ADA last week. Brandt highlighted the same descending triangle that now extends to the new moon. In contrast, Cardano founder Charles Hoskinson told Brandt that macroeconomic conditions and other factors can influence an asset’s price movements. He reminded that this should also be taken into account. Brandt had predicted a big drop for ADA when he pointed to the same descending pattern in mid-September. However, there has not been such a significant decline in assets.
However, it has also not exhibited a big jump that could help it break out of the current pattern. ADA is currently trading at $0.432, down 0.2 percent in the last 24 hours. For many, it’s hard to imagine a drop below the support at $0.42. But according to Brandt’s analysis, the Cardano community may soon witness it.
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