Peter Brandt, who has been intimately involved with the economy for 48 years and making cryptocurrency predictions for many of those, believes Bitcoin is on the verge of losing support and could make a sharp downward move.
“Downward for Now”
According to Brandt, Bitcoin‘s price movement has created a critical price level preparing for a significant move, based on various indicators, including the downward 18-day moving average (MA) and 8-day MA.
The closing figure is within 1 in 10 of 3%. This is the definition of price balance. ‘Hinge’ behavior.
“Hinge” is a term investors use to define a moment when a significant trend reversal is about to occur in a digital asset..
Renowned Analyst’s ETH Commentary
Bitcoin wasn’t the only cryptocurrency in his focus. The analyst shared his views on ETH, the king of altcoins as well. Brandt does not think Bitcoin’s closest rival will perform much differently from other cryptocurrencies. He expects it too, like the others, to hit larger lows.
However, the prevailing market view does not concur. ETH is already considered a bull’s favorite, primarily due to its negative inflation. Moreover, as transactions on the network increase, the amount of ETH burned will multiply, potentially leading to one of the biggest bullish periods (if it comes) in the upcoming bull season.
Peter stated:
Bitcoin is the ONLY bet to finish the marathon in crypto. The others, including ETH, are just wannabes or scams.
For the globally renowned analyst, BTC and ETH resemble Gold and Silver.
If Gold is BTC, then Silver is ETH. ETH will probably survive, but BTC is legendary.
