Veteran trader Peter Brandt believes that one prominent altcoin among the top ten is indicating a significant bearish trend in relation to Bitcoin (BTC). In a recent update to his 732,800 followers on the social media platform X, Brandt suggested that the payments network XRP may be developing a head and shoulders (H&S) pattern against Bitcoin (XRP/BTC) on the weekly chart.

In technical analysis, a head and shoulders pattern is generally recognized as a bearish reversal signal. Brandt forecasts a potential decline for XRP/BTC if it dips below its multi-cycle support level of approximately 0.000008 BTC. He stated, “This chart pattern is a multi-year complex H&S. If this chart breaches the lower support line, then all X accounts associated with XRP will gradually vanish, never to be seen again.”

Source: Peter Brandt/X

As of now, XRP/BTC is trading at 0.00000916 BTC ($0.56).

Moving on, Brandt also points out that Bitcoin is producing a series of patterns that hint at weakness for the leading cryptocurrency. He remarked, “The series of lower highs and lower lows continues for BTC.”

Source: Peter Brandt/X

Additionally, he examines Bitcoin’s performance against gold by analyzing the BTC/gold ratio. Brandt suggests that the current ratio of 26 could potentially decline to as low as 16, while maintaining a long-term bullish perspective for Bitcoin against the precious metal. “The battle for ‘store of value’ is historic. The BTC/gold chart exemplifies classical charting principles. Flexibility in interpretation is more valuable than rigidity. Currently at 26, BTC could (not will) drop significantly against gold to as low as 16 without compromising the long-term bullish outlook for Bitcoin in relation to gold. The most extended chart indicates that BTC could (not will) rise to over 150. I advocate for holding both gold and Bitcoin. Being dogmatic about either asset is akin to chasing fool’s gold.”

Source: Peter Brandt/X

At the time of this writing, Bitcoin is priced at $61,970, having experienced a decline of more than 5% in the past 24 hours.

Stay Informed –
Subscribe to receive email alerts straight to your inbox.
Check Price Action
Follow us on X, Facebook, and Telegram.
Explore The Daily Hodl Mix

**Disclaimer:** The views expressed in The Daily Hodl do not constitute investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that your transfers and trades are undertaken at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it act as an investment advisor. Note that The Daily Hodl is involved in affiliate marketing.
Generated Image: DALLE3