Altcoin News: Trading Veteran Predicts Bitcoin Growth and Continued Decline in XRP
Trading veteran Peter Brandt, who predicted a drop in Bitcoin in January 2018, claims that the largest cryptocurrency is still in trend, comparable to what led to a sharp increase in its rate in 2015–2017.
After analyzing moving averages, Brandt came to the conclusion that Bitcoin should fall below $8,997 to confirm a bearish reversal.
“No other market in my 45 years of trading has gone parabolic on a log chart in this manner. Bitcoin is a market like no other,” Brandt writes.
In May, Brandt changed his expectations of the long-term Bitcoin trajectory from bearish to bullish, when the leading cryptocurrency grew from $4,200 to $6,200.
“You have to look really at the long-term chart that goes back to 2011, 2012. And what you’ll see there is a magnificent thing that happened going into the 2013 high. And that was a parabolic move, and it was a parabolic move on a log scale.
A parabolic move on a log scale is a magnificent thing. It may only happen once in a decade. And so we saw that parabolic advance be broken, and then we saw the market from 2013 into 2015 [enter into a] correction. And then it entered another parabolic move. So we have two parabolic moves in the same market. That’s just unheard of. And of course that topped in December of 2017, and we spent 2018 correcting…” he said in an interview with CNBC’s Ran NeuNer.
“The moving average that I look at, which is a weekly chart moving average, turned up here [in early April]. The last time that moving average turned up was in early 2015 when Bitcoin went from $350 to $19,900, depending on what exchange you’re trading. That is a quantum move, and so we have the same situation as we have seen an upturn in the long-term trend,” he added.
A different opinion, however, Brandt adheres about the prospects cryptocurrency XRP, the rate of which on Wednesday has fallen by 15%.
According to the analyst, even the current level of $0.26 is maintained due to the manipulations carried out by Ripple issuing XRP. If they refuse these practices, the market can expect a rapid collapse.
“The chart pattern for many, many months has shown the distribution of XRP by Ripple — it has manipulated the price to hold support. But if support gives way Ripple will be forced to dump in a major way.
I used “manipulate” because it is exactly what Ripple has been doing since it introduced XRP.
And the line I draw indicates that not a single person who has bought XRP in 19 months has a profit to show for it. How is that for a line,” he explains.
Author: Marko Vidrih