Veteran trader warns Cardano against mimicking Bitcoin pattern that preceded BTC’s 50% crash

Well-regarded veteran trader Peter Brandt warns that Cardano (ADA) is showing a bearish continuation pattern.

Brandt shares with his 675,600 Twitter followers that Cardano appears to be printing a descending triangle pattern, suggesting the possibility of a new leg for ADA.

However, the legendary trader says his prediction may not come true.

“This is a fractal chart construction known as a descending triangle. If it continues in the fractal, ADA should have another significant drop. ‘Should’, not ‘Must’.”

Source: Peter Brandt/Twitter

Brandt’s prediction is accompanied by a side-by-side comparison chart of Cardano and Bitcoin (BTC). On the chart, both crypto assets are in a descending triangle pattern, albeit in different periods – Cardano in current times and Bitcoin in 2018.

After being in a descending triangle pattern for about 10 months, Bitcoin fell from around $6,000 to $3,200 – a 47% drop.

According to the chart published by Brandt, Cardano’s descending triangle pattern started about four months ago.

Cardano is trading at $0.464 at the time of writing, while Bitcoin is exchanging hands at $19,926.

The veteran trader’s analysis of ADA comes less than a week ahead of Cardano’s long-awaited Vasil hard fork. The Vasil hard fork, which aims to lower Cardano’s transaction fees and improve scalability, is scheduled for September 22nd.

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