Now that Bitcoin is still in a downtrend, uncertainty within the cryptocurrency community is growing. Peter Brandt’s new statement has now exacerbated this uncertainty. Could Bitcoin collapse towards $75,000?
Bitcoin price is still in the red zone. The current value of $92,675 means the world number one is already down more than 6.3% from last week. Now that technical indicators for Bitcoin price are not giving positive signals, concerns are increasing.
Technical analysis Peter Brandt warns of a collapse in the price of Bitcoin
Popular cryptocurrency analyst Peter Brandt recently shared his opinion on the technical foundation of Bitcoin. According to him, a Head and Shoulders (H&S) pattern has emerged. A pattern that is usually a bearish indicator.
This is H&S’s classic upper style. $ Bitcoin H&S patterns can do one of three things:
-Complete and heading to the target
-Failed with the bear trap
-Morph to larger pattern
What do you think?
I only allow Verified to respond. If you can’t pay X a few bucks, you don’t deserve to be heard. pic.twitter.com/9dGquEXaUs– Peter Brandt (@PeterLBrandt) January 12, 2025
Based on this pattern, Bitcoin price can do three things, according to Brandt. First, Bitcoin can complete this pattern and rise towards its target. In addition, Bitcoin may fail and enter a bear market. Finally, this pattern can develop into a larger pattern.
If the price fails and enters a bear market, a sustained decline may occur. This decline could easily push Bitcoin price into the $77,500 to $75,000 range.
Other technical indicators are also bearish
In addition to the H&S pattern, other technical indicators of Bitcoin can also be called bearish. For example, the RSI failed to rise above the 40 level. This is a sign that selling pressure is still high.
In addition, the MACD histogram gives a sell signal of -719. The recent drop in the price of BTC also means that BTC is now worth less than a significant portion of its EMAs. This is another confirmation that Bitcoin is declining and may see further declines in the short term.
Now that Bitcoin is on the verge of collapse, it will be interesting for investors to turn their attention to other promising cryptocurrency projects. A number of new projects have recently been introduced to the market, bringing with them the necessary capabilities. Below we will discuss the three most promising cryptocurrency projects in more detail.
Wall Street Baby (WEPE) – Gives the small trader a chance in the cryptocurrency market
With the emergence of more and more big whales and financial institutions, it is becoming increasingly difficult for small traders to make good profits. Without the right trading insights and strategies, it is almost impossible for newcomers to do well. With an introduction Wall Street Baby However, this is changing now. This project gives the small trader a fair chance.
$25 million raised. Green candles. Positive feedback. Frogs are pumping. 🐸⚔️ pic.twitter.com/1UbCTrfIBn
— Wall Street Baby (@WEPEToken) December 16, 2024
Wall Street Baby can be viewed as a combination of the viral currency Baby and the Wolf of Wall Street’s trading strategies. It wants to turn its Wepe Army into a new wave of wealthy investors. To do this, it provides its users with valuable trading insights and new strategies. This way, small traders also get a fair chance in the competitive cryptocurrency market.
Wall Street Baby is currently still in the pre-sale phase. Which means users have a chance to participate early and at big discounts. WEPE’s pre-sale has already raised more than $47 million in investments. A clear sign of how popular this project has already proven. WEPE tokens currently cost $0.00036646 each. However, this price will continue to rise in each new stage of pre-sale.
Visit Wall Street Baby before selling
Solaxy (SOLX) – Solana’s first layer solution
Solana is one of the largest and most widely used blockchains in the world today. But this growth in size also led to some disadvantages. For example, Solana increasingly has to deal with congested transaction channels and failed transactions. With a rise Solaxy However, this now needs to change. Solaxy is Solana’s first layer 2 solution.
Solaxy wants to solve all the drawbacks of the Solana blockchain and thus provide its users with the best possible blockchain. It also wants to combine the liquidity of the Ethereum blockchain with the efficiency of the Solana blockchain. This way it offers its users 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 pre-sale. Users can currently purchase SOLX tokens for a low price of $0.001598 each. Early entry to the SOLX presale also means users can start staking their SOLX token now. This way they can make profits before the platform becomes available.
Visit Solaxy Pressel
Best Wallet (BW) – revolutionizing the cryptocurrency wallet market
Now that cryptocurrencies are more popular than ever, there is an increasing demand for a place to store these cryptocurrencies. This is the reason behind the rapid growth of the cryptocurrency wallet industry. However, a new venture has now emerged within the industry that seems to be able to differentiate itself from all its predecessors. This project is Best walleta new crypto wallet system that offers much more than a simple crypto wallet.
Best Wallet is developing a multi-chain and multi-wallet platform that has everything a cryptocurrency trader needs. Since his wallet also uses Fireblock MPC-CMP wallet technology, it seems to represent a revolution in the cryptocurrency wallet market. So the goal of owning 40% of the cryptocurrency wallet market by the end of 2026 seems possible.
Best Wallet is paired with its native BEST token. A symbol brings many benefits to its holders. BEST holders can benefit from low transaction rates, early access to new projects, high rewards, and influence within the board. Best Wallet tokens are now available for purchase for a limited time via the upcoming tokens page on the Best Wallet website. This is also where all new tokens will be placed once Best Wallet is live.
Visit the best wallet pre-sale