Veteran trader Peter Brandt has raised concerns regarding a prominent altcoin, suggesting it may be signaling a significant bearish trend against Bitcoin (BTC). In his recent update to his 732,800 followers on X, Brandt points out that the payment network XRP appears to be forming a head and shoulders (H&S) pattern on its weekly chart when compared to Bitcoin (XRP/BTC). This formation is often interpreted in technical analysis as a bearish reversal signal.

Brandt warns that if XRP/BTC falls below its established multi-cycle support level near 0.000008 BTC, it could lead to a dramatic decline for the altcoin. He remarked, “This chart pattern is a multi-year complex H&S. If this chart breaches the lower support line, then all X accounts associated with XRP will gradually fade away, never to return.”

Source: Peter Brandt/X

Currently, XRP/BTC is trading at 0.00000916 BTC ($0.56).

In addition to his analysis of XRP, Brandt highlights that Bitcoin is exhibiting patterns that indicate potential weakness for the leading cryptocurrency. He notes, “The series of lower highs and lower lows continues for BTC.”

Source: Peter Brandt/X

Brandt also examines Bitcoin’s standing against gold through the BTC/gold ratio. He suggests that while the ratio is currently at 26, it could potentially drop to as low as 16 without jeopardizing Bitcoin’s long-term bullish outlook against the precious metal. “The ‘store-of-value’ contest is historic. The BTC/gold chart exemplifies classical charting principles. Flexibility in interpretation is more vital than strict adherence to dogma. While presently at 26, BTC could (not will) see a significant drop against gold to 16, yet this wouldn’t undermine the long-term bullish case for Bitcoin versus gold. The longest-term chart indicates that BTC could (not will) rise to over 150. I advocate owning both gold and Bitcoin; being dogmatic about either is akin to chasing fool’s gold.”

Source: Peter Brandt/X

At the time of this writing, Bitcoin is priced at $61,970, reflecting a decline of over 5% in the past 24 hours.

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