Contents

Popular crypto trader and market analyst Peter Brandt explained his views on the recent price drop for crypto assets including XRP.

Bitcoin

On Monday, February 22, Brandt predicted that Bitcoin’s latest price correction could be the scale of the market’s decline. Brandt stated that during the corrections from 2015 to 2017, the average price of Bitcoin fell by 30% or more and accelerated the rate at which Bitcoin’s return to $ 37,900. The experienced trader described the January high of $ 42,000 as the “logical point” to buy the drop.

Brandt was positive about the price decline, saying the drop could make the market “healthy again” and get rid of late FOMO buyers.

Brandt pointed to market cues predicting a price drop, a number of high-profile Twitter users like Michael Saylor switched to “bitcoin eyes” in their photos to cheer up BTC’s rising price. Brandt warned that “unbridled euphoria” was dangerous and predictive of a temporarily overbought market.

 

XRP

The popular trader also referred to the controversial status of XRP as a security. Brandt claimed not to trade over-the-counter securities, but said XRP would be “interesting” if it did.

He pointed to charts showing an inverted head and shoulders pattern that could rise in the short term.

LEAVE A REPLY

Please enter your comment!
Please enter your name here