A veteran investor who became a legend in the crypto market after getting Bitcoin (BTC) crashed in 2018 correctly is sounding the alarm on a prominent altcoin project.
Peter Brandt warns altcoin investors
Peter Brandt told his 645,700 Twitter followers that Ethereum has formed a descending triangle, a continuation pattern that suggests more downside risk to ETH.
Looking at the analyst’s chart, if Ethereum gets support at around $1,750, the bearish pattern could be confirmed. At the time of writing, ETH is struggling to hold near $1,800, fluctuating throughout the day. It did not touch $1,750 during the day.
Peter Brandt is not the only popular Ethereum bearer
Crypto analyst Cantering Clark also has 134,600 Twitter followers well below ETH’s cross support that has kept the market up since March 2021.
If I didn’t think it was a little different this time, I would have looked at this ETH chart and thought, ‘Large ships turn slowly and don’t stop easily’. With high timeframe measures, this could be the start of a real momentum drop.
Meanwhile, fellow crypto analyst Credible looks at ETH’s performance against Bitcoin (ETH/BTC). According to Credible, the ETH/BTC pair looks set to lose more than 41% of its value from the current price of 0.060 BTC at $1,785. In a tweet, the analyst said:
ETH/BTC continues to bleed and has hit my target that I outlined almost four months ago. However, BTC has not even started its fifth wave yet, which I expect ETH/BTC to be much lower as BTC pushes the market to the fifth largest from this correction. The revised target is below.
According to Crypto Tony, Bitcoin could lose current levels
Meanwhile, another popular Twitter analyst, Crypto Tony, in a series of tweets during the day, said “Bitcoin The weekly chart on looks terrible and therefore the continuation of the trend. “I think we’ve consolidated a bit more in that range before we finally drop out,” he said. In another tweet, he renewed his target of $22,000 to $24,000 for Bitcoin after this forecast drop came true. According to Crypto Tony:
I’m looking for another drop to $24,000 – $22000, but of course deployment takes time. Therefore, we may be navigating these support zones before any dips yet.
Former BitMEX CEO Arthur Hayes among analysts expecting a drop . As Cryptokoin.com has quoted, in a recent blog post, he talked about his expectations of $25,000 in Bitcoin. Hayes also says that Ethereum could reach $10k.
14453
