Peter Brandt, a longtime trader and CEO of private trading company Factor LLC, recently shared his thoughts on the current cryptocurrency market and described the price action between two complex giants.
“Bitcoin and Ethereum are really a place to play for me,” Brandt told Cointelegraph on September 9, when asked about his thoughts on Bitcoin in the coming days and months. Being the two largest market values in the crypto space, BTC and ETH have a large following, and their actions indicate the market condition and potential subsequent volatility effects, depending on their activity.
Brandt said Bitcoin (BTC) and Ethereum (ETH) both peaked before prices fell. According to TradingView.com, BTC peaked at around $ 12,500 on August 17, while ETH peaked at $ 490 on September 1. Give the next jump.
“Both markets depend heavily on the weekly chart,” Brandt said. “I see markets between a rock and a hard place,” Brandt said, pointing to different important support and resistance levels on the charts of both assets. “No wonder the market is drifting without direction now.”
“I’m really not expecting anything for the rest of the year. I think to be honest, there will be a lot of options in the market. We are disintegrating just like in the past two weeks, the bears will end up excited and frustrated.”
Ethereum would likely be priced between $ 250 and $ 500, Brandt said, and he admitted it was a great option. Likewise, Bitcoin’s price will likely fluctuate between $ 8,900 and $ 12,500.
Other opinions differ on the industry’s most important assets. The recent revaluation of the Kraken cryptocurrency predicts a potential drop in bitcoins through September based on previous years.