Veteran trader Peter Brandt is cautioning that Bitcoin is showing a bearish signal, suggesting that BTC may decline to much lower prices.

Brandt, who has 763,600 followers on the social media platform X, states that Bitcoin might be forming a bearish reversal pattern on the daily chart, which could result in a drop to the $70,000 range.

Looking at Brandt’s chart, it appears that BTC could potentially fall as low as $76,614 if it breaks the support level around $90,000.

At the time of writing, Bitcoin is trading at $97,201, slightly higher in the past 24 hours.

Brandt is also warning that Cardano (ADA), a rival of Ethereum (ETH), may be forming a head and shoulders pattern on the daily timeframe, and could experience a significant decline if the support level at $0.91 is breached.

A head and shoulders pattern is typically considered a bearish reversal structure in technical analysis, indicating the end of an asset’s uptrend.

ADA is currently trading at $0.95, up 7.2% in the past 24 hours.

Lastly, Brandt suggests that XRP, a payments-focused altcoin, is displaying a bullish continuation pattern on the daily chart.

If confirmed, this pattern could lead to an upward movement equal to the advance into the tip of the flag.

XRP is currently trading at $2.28, slightly higher in the past day.

Please note that the opinions expressed in this article are not investment advice. Investors are advised to conduct their own research and exercise caution when investing in Bitcoin, cryptocurrencies, or digital assets. Transfers and trades are done at one’s own risk, and any losses incurred are the responsibility of the individual. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice.