Popular crypto trader and market analyst Peter Brandt has provided his opinion on the recent price dip for cryptoassets, including an outlook for XRP.
On Monday (February 22), Brandt speculated that Bitcoin’s recent price correction could be the extent of the market pullback. Brandt noted that Bitcoin’s average price decreased by 30% or more during corrections occurring between 2015 – 2017, putting Bitcoin on pace to retrace to $37,900. The veteran trader called January’s high of $42K a “logical spot” to buy the dip.
Brandt was positive on the price pullback, saying it could make the market “healthy again” and was getting rid of late FOMO buyers.
Brandt pointed to market clues foretelling the price corrreciton, including a series of high-profile Twitter users such as Michael Saylor switching to “bitcoin eyes” in their photos to cheer the surging price of BTC. Brandt warned “unbridled exuberance” was dangerous and predictive of a market that is temporarily overbought.
The popular trader also weighed in on the controversial state of XRP, referring to it as a security. Brandt alleged that he did not trade over-the-counter securities, but said XRP “would be of interest” if he did.
He pointed to the charts showing an inverted head and shoulder pattern that could prove bullish in the short-term.
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The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.