Seasoned trader Peter Brandt thinks one top-10 altcoin is flashing a massive bearish signal against Bitcoin (BTC).
Brandt tells his 732,800 followers on the social media platform X that payments network XRP could be forming a head and shoulders (H&S) pattern against Bitcoin (XRP/BTC) on the weekly chart.
[adinserter block="1"]A head and shoulders pattern is typically considered a bearish reversal pattern in technical analysis.
Brandt predicts a collapse for XRP/BTC if the pair goes below its multi-cycle support at around 0.000008 BTC.
“This chart pattern is a multi-year complex H&S. If this chart penetrates the lower support line, then all X accounts with XRP initials attached will slowly disappear to never again be seen again.”
XRP/BTC is trading for 0.00000916 BTC ($0.56) at time of writing.
Next up, the seasoned trader highlights that Bitcoin is printing consecutive patterns suggesting weakness for the crypto king.
“The series of lower highs and lower lows continues BTC.”
He also looks at Bitcoin’s performance against gold: the BTC/gold ratio.
He suggests that the current BTC/gold ratio of 26 could fall to as low as 16 and Bitcoin’s long-term bullish outlook against the precious metal could still remain intact.
“The ‘store-of-value’ battle is historic. The BTC/gold chart is a textbook example of classical charting principles. Flexibility of interpretation is more important than is dogmatism. Currently at 26, BTC could (could, not will) drop significantly versus gold to as low as 16 without altering the long-term bull case for Bitcoin versus gold.
The longest-term chart indicates that BTC could (not will) advance to 150-plus. I believe in owning both gold and Bitcoin. To be dogmatic on either one is equal to fool’s gold.”
Bitcoin is trading for $61,970 at time of writing, down more than 5% in the last 24 hours.
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