Veteran Trader Warns of Cardano Mimicking Bitcoin Pattern Preceding BTC’s 50% Crash

Veteran Trader Warns of Cardano Mimicking Bitcoin Pattern Preceding BTC’s 50% Crash

Veteran widely followed trader Peter Brandt warns that Cardano (ADA) is showing a bearish continuation pattern.

Brandt Tells His 675,600 followers on Twitter, where Cardano appears to be printing a descending triangle pattern, indicates the possibility of a new down leg for ADA.

However, the legendary merchant says that his predictions do not have to come true.

“This is a fractal graph known as a descending triangle. If it continues in the fractal, the ADA should have a more significant dip.” It should, “should.”

Source: Peter Brandt / Twitter

Brandt’s prediction accompanies a side-by-side comparison chart of Cardano and Bitcoin (BTC). On the chart, both crypto assets are in a descending triangle pattern albeit in different periods – Cardano at the moment and Bitcoin in 2018.

After being in a descending triangle pattern for about 10 months, Bitcoin continued to drop from around $6000 to $3200 – a drop of 47%.

According to the chart published by Brandt, the Cardano descending triangle pattern started about four months ago.

Cardano is trading at $0.464 at the time of writing while Bitcoin is trading at $19,926.

ADA veteran trader analysis comes less than a week before Cardano’s much-anticipated Vasil hard fork. Vasil’s hard fork operation, which is expected to lower Cardano’s transaction fees and boost scalability, is set to begin on September 22.

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