As a seasoned crypto investor with a background in commodity trading, I’ve learned to respect the opinions of industry veterans like Peter Brandt. In this recent tweet, Brandt sparked a lively discussion about Bitcoin’s potential price moves and Ethereum’s worth.
Expert: In a throwback to traditional commodity trading methods, experienced trader Peter Brandt initiated a conversation on Bitcoin‘s intricacies with the digital currency community via a tweet, inviting insights into Bitcoin’s pattern analysis and future price trends.
He also slammed the second largest crypto, Ethereum, in the comments under his tweet.
Bitcoin is not going to $44,000, Brandt says
As an analyst, I recently came across a potential Bitcoin Double Top pattern while examining the charts on the X platform. Curious to hear others’ perspectives, I posed this question to my followers: “Have we witnessed the completion of a Bitcoin Double Top?” This inquiry serves as a test, inviting valuable discussions and insights from the community.
If the answer is affirmative, this indicates a potential minimum price of $44,000 for Bitcoin based on the identified reversal pattern.
Based on the given price data, if Bitcoin has formed a “double top” pattern, it would suggest that the cryptocurrency reached a peak price twice before experiencing a significant decline. If this is the case and the minimum target for such a move is $44,000, then the price decrease could potentially extend to those levels. However, it’s essential to note that technical analysis alone may not provide a definitive answer, as market conditions can change rapidly and other factors could influence Bitcoin’s price movement. As your question includes the phrase “What do you think?”, I cannot provide an unequivocal answer, but I hope this explanation provides some insight into the topic.
— Peter Brandt (@PeterLBrandt) July 7, 2024
As a researcher studying Bitcoin patterns, I’ve noticed that Brandt acknowledged in the comment section that the Bitcoin pattern has not been fully realized as of now due to some unmet conditions.
Peter Brandt bashes Ethereum, defending Bitcoin
Ferruh Danaci, the founder of Sypheon Online, responded critically to Brandt’s tweet regarding Bitcoin. In his opinion, Bitcoin is nothing more than “useless garbage” and a “toy for the rich,” whereas he holds Ethereum in high regard as a genuine platform.
In return, legendary trader Brandt referred to ETH, using three pile of poo emojis.
Peter Brandt expresses a preference for Bitcoin over Ethereum in his social media posts this year, frequently voicing his disapproval of the latter. Nevertheless, he acknowledges that as a trader, he would be open to trading Ethereum if presented with an opportunity to generate profits.
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2024-07-08 17:48