Cardano (ADA) Price Will Tank, Says Renowned Trading Veteran Peter Brandt

Source : beincrypto.com

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Seasoned futures trader Peter Brandt predicts that Cardano (ADA) will drop to $0.25, keeping with a current descending triangle chart pattern.

According to Brandt, the downtrend started in mid-May 2022 and has continued unabated despite bullish events like the recent Vasil hard fork of the Cardano mainnet on Sep. 22, 2022.

I will not short ADA, Trader says

Brandt admits that charts do not always accurately predict price, but when they do, they work well. Brandt notably steers clear of altcoins but invests in Bitcoin and ETH in his capacity as a professional consultant.

A descending triangle pattern is created by drawing a trend line from a high that touches the price of subsequent lower highs before joining with a straight line that passes through a group of lows. They are often used when traders are looking to open a short position on stock or cryptocurrency.

But Brandt has clarified that his bearish prediction does not indicate that he will short ADA, i.e., betting that the price will go down rather than up, as is usually the case with analysts that favor a descending triangle analysis.

T-Mobile software developer Chittabrata Saha said that Brandt’s analysis was the equivalent of “astrology science.”

Brandt had predicted that on Sep. 14, 2022, ADA should have a significant decline later in the year after it flipped XRP to become the seventh-largest cryptocurrency by market cap. He also drew further attention to ADA’s descending triangle on Sep. 23, 2022.

Brandt’s Bitcoin outlook

Ethereum maximalist Evan Van Ness has criticized Cardano (ADA) for being a “zombie blockchain” with a significantly lower transaction speed than decentralized exchange Uniswap, despite having a higher market cap than the automated market maker.

Leading up to the Vasil fork, ADA showed no increases in user activity or price, showing bearish movement instead. However, the total value locked in Cardano’s DeFi ecosystem rallied 6% after the Vasil upgrade.

Brandt believes that Bitcoin has a 50/50 chance of either reaching $100,000 -$250,000 or going to zero. He often shares charts of commodity prices and traditional stock market indexes and has authored a book on trading commodities using charting.

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