Key Takeaways
- Veteran analyst Peter Brandt spots a rising wedge on the Bitcoin Charts, predicts prices will fall
- After a number of wrong predictions, especially in the case of Cardano, his credibility is fading
- Brandt’s followers troll him for bold predictions
YEREVAN (CoinChapter.com) — Veteran analyst, investor Peter Brandt is known for his crypto predictions. He often posts charts on his Twitter handle with his remarks and assessments. Unfortunately, while some go as predicted, many of them have not materialized.
On Wednesday, he was back on Twitter, predicted trouble for Bitcoin. Having spotted a rising wedge on the chart, Brandt indicated that the price of Bitcoin could fall in the days to come.
Recommended: Cardano Founder Charles Hoskinson says Peter Bradt’s ADA prediction “makes no sense.”
Brandt’s Bitcoin predictions
Brandt is no stranger when it comes to making predictions about the world’s largest cryptocurrency. After he accurately predicted Bitcoin’s crash in January 2018, his followers tend to take his predictions seriously.
After Bitcoin prices crashed to $30,000 in May after hitting an all-time high of $64,000 in April, Brandt had more bad news. According to him, the coveted coin could experience a further correction to reach $21,000.
However, his predictions did not materialize as BTC soon picked up speed. Although it had to trot a volatile path, going below the $30,000 mark, it never reached close to $20,000. It is currently trading at $45,453 at the time of writing.
Recommended: Age of Cardano is here, says crypto analyst, as ADA speeds towards its record high.
Peter Brandt read Cardano chart all wrong
Weeks ago, Peter Brandt had caused quite a stir when he predicted that the price of Cardano would nosedive.
Drawing parallels with Litecoin (LTC)’s price correction in 2018, Brandt had said that Cardano might have reached the top of the price range and was poised for a steep fall. Not only did Brandt predict a price correction, but they also opined that it would fall 60-90%.
The basis of Brandt’s chart interpretation was the head and shoulders pattern visible on the charts.
The Cardano chief Charles Hoskinson was not pleased.
Calling Brandt’s predictions a “voodoo that makes no sense,” he slammed CoinTelegraph for covering the news with a bearish headline.
Cardano never dropped as low as Brandt had expected, leaving people questioning his predictions.
Recommended: Coinbase stock to soar to $316 per share, macro-financial analyst predicts
Peter Brandt gets spanked again
Following his failed ADA prediction, people on Twitter have started doubting Brandt’s chart analysis. People flock to correct him, pointing out where the veteran analyst has gone wrong.
One user even quoted it as to why Brand has lost his reputation as a good chart analyst.
However, this is not the first time people troll him on Twitter. Last year, people challenged him for his tweet so much that he had to play along, humorously claiming he got a spanking.
Whether Bitcoin is headed down towards the $30,000 mark remains to be seen. However, Peter has not diverted from his Bullish claim that BTC will hit the $100,000 mark by the end of this year.
