Now that bitcoin is still in a downtrend, uncertainty within the crypto community is only increasing. A new statement from Peter Brandt has only exacerbated this uncertainty. Could bitcoin Collapse Towards $75,000?
bitcoin price is still in the red. The current value of $92,675 means that the world No. 1 is already down more than 6.3% compared to last week. Now that bitcoin price technical indicators are not giving positive signals, concerns are increasing.
Technical Analysis Peter Brandt Warns of bitcoin Price Collapse
Well-known cryptoanalyst Peter Brandt recently shared his opinion on the technical basis of bitcoin. According to him, a head and shoulders (H&S) pattern has emerged. A pattern that is normally a bearish indicator.
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This is a classic H&S top pattern. <a target="_blank" href="https://twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>$btc H&S patterns can do one of 3 things:
-Complete and tendency to the objective.
-Glitch with the bear trap.
-Transform into a larger pattern
What do you think?
I only allow Verified to respond. If you can't pay x a few dollars, you don't deserve to be heard. pic.twitter.com/9dGquEXaUs
—Peter Brandt (@PeterLBrandt) <a target="_blank" href="https://twitter.com/PeterLBrandt/status/1878542290483875919?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>January 12, 2025
According to Brandt, based on this pattern, the price of bitcoin can do three things. First of all, bitcoin can complete this pattern and rise towards its goal. Furthermore, bitcoin could fail and enter a bear market. Eventually, this pattern can develop further into a broader pattern.
If the price fails and enters a bear market, a sustained decline may occur. This drop could easily push bitcoin price towards the $77,500 and $75,000 range.
Other technical indicators are also bearish
In addition to the H&S pattern, other bitcoin technical indicators can also be called bearish. For example, the RSI has failed to break above 40. This is a sign that selling pressure is still high.
Furthermore, the MACD histogram gives a sell signal with a value of -719. The recent drop in btc price has also meant that btc is now worth less than a large portion of its EMAs. This is yet another confirmation that bitcoin is falling and may experience further declines in the short term.
With bitcoin potentially on the brink of collapse, investors may want to turn their attention to other promising crypto projects. A series of new projects have recently been launched on the market that provide the necessary potential. Therefore, below we will analyze in more detail the three most promising crypto projects.
Wall Street Pepe (WEPE) – Gives the Small Trader an Opportunity in the crypto Market
With the emergence of more and more large whales and financial institutions, it is increasingly difficult for small traders to make good profits. Without the right trading knowledge and strategies, it is virtually impossible for newcomers to do well. With the introduction of Pepe Wall Street However, this is now changing. This project offers the small merchant a fair opportunity.
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25 million dollars raised. Green candles. Good vibes. The frogs are pumping. pic.twitter.com/1UbCTrfIBn
—Wall Street Pepe (@WEPEToken) <a target="_blank" href="https://twitter.com/WEPEToken/status/1868601513280667799?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>December 16, 2024
Wall Street Pepe can be seen as a combination of the viral coin Pepe and the trading strategies of the Wolf of Wall Street. He wants to turn his Wepe Army into the new wave of rich investors. To do this, it provides its users with valuable business knowledge and new strategies. This way, small traders also have a fair chance in the competitive cryptocurrency market.
Wall Street Pepe is currently still in its pre-sale phase. Which means that users have the opportunity to participate early and with great discounts. The WEPE pre-sale has already raised more than $47 million in investments. A clear sign of how popular this project has already proven to be. WEPE tokens currently cost $0.00036646 each. However, this price will continue to rise in each new phase of the pre-sale.
Visit Wall Street Pepe Presale
Solaxy (SOLX): Solana's First Layer 2 Solution
Solana is one of the largest and most used blockchains in the world today. But this growth in size has also generated some disadvantages. For example, Solana increasingly has to deal with overcrowded transaction channels and failed transactions. With the rise of solaxy However, this must now change. Solaxy is the first Solana Layer 2 solution.
Solaxy wants to solve all the disadvantages of the Solana blockchain and thus offer its users the best possible blockchain. It also wants to combine the liquidity of the ethereum blockchain with the efficiency of the Solana blockchain. In this way it offers its users even more benefits and options. High speeds at low costs and exceptional utility are some of the advantages of Solaxy.
Solaxy is powered by the native SOLX token. This token is currently in its pre-sale phase. Currently, users can purchase SOLX tokens at the low price of $0.001598 each. Early entry into the SOLX pre-sale also means that users can start staking their SOLX token now. This way they can make profits even before the platform is active.
Best Wallet (BW): revolutionizes the crypto wallet market
Now that cryptocurrencies are more popular than ever, there is a growing demand for a place to store them. This is why the crypto wallet industry is growing rapidly. However, now a new project has emerged within this industry that seems to be able to distinguish itself from all its predecessors. This project is Best walleta new crypto wallet system that offers much more than just a crypto wallet.
Best Wallet is developing a multi-chain, multi-wallet platform that contains everything a cryptocurrency trader needs. Because its wallet also uses Fireblock MPC-CMP wallet technology, it seems to be a revolution within the crypto wallet market. Therefore, the goal of owning 40% of the crypto wallet market by the end of 2026 seems feasible.
Best Wallet is paired with its native BEST token. A token that provides many benefits to its holders. BEST holders can benefit from reduced transaction fees, early access to new projects, high-risk rewards, and voice within the board. BEST tokens are now available for purchase for a limited time through the Upcoming Tokens page on the Best Wallet site. This is also where all new tokens will be placed once Best Wallet goes live.
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