Long-time trader Peter Brandt is warning that Bitcoin (BTC) is losing support and may make a sharp move to the downside.
Brandt tells his 697,000 Twitter followers that Bitcoin’s steady price action in the $25,000 range is now starting to collapse.
[adinserter block="1"]“Hinged to downside for now.”
According to Brandt, Bitcoin’s price action created a critical price level that set it up for a major move based on several indicators including a downward 18-day moving average (MA) and 8-day MA.
“Four closed numbers within 3/10th of 1% range. This is the definition of price equilibrium. ‘Hinge’ behavior.”
A “hinge” is a term that investors use to describe the moment when a significant trend reversal of a digital asset is about to occur.
Bitcoin is trading for $24,930 at time of writing, down 4.1% during the last 24 hours.
As the crypto markets dip, Brandt predicts that Bitcoin will outperform all other digital assets including the top altcoin, smart contract platform Ethereum (ETH).
“Bitcoin is the ONLY bet in crypto that will finish the marathon. All others are just wannabees or scams, including ETH.”
He likens the top two performing cryptos to the precious metals gold and silver.
“Silver is to ETH as Gold is to BTC. ETH will likely survive but BTC is the legacy.”
Ethereum is trading for $1,640 at time of writing, down 5.7% in the last 24 hours.
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