Peter Brandt, longtime dealer and CEO of Factor LLC, recently gave his opinion on the current cryptocurrency market, Description of the price movement between two main difficulties.
“Bitcoin and Ethereum, for me this is really the place where the game is played”, Brandt told Cointelegraph in an interview on September 9th when he was asked for his thoughts on Bitcoin for the coming days and months. As the two largest market cap resources in the crypto space BTC and ETH each have a large following, with their actions indicating the health of the market and possible subsequent domino effects depending on their activity.
Bitcoin (BTC) and Ethereum (ETH) posted charts that peaked before prices fell. Brandt described. BTC peaked at $ 12,500 on August 17, while ETH hit its local high of $ 490 on September 1, based on data from TradingView.com. Since then, Bitcoin fell close to $ 9,800 before the easy hopping while ETH fell to $ 310. before using a subsequent jump.
“Both markets have retreated to very strong support on the weekly chart,” Brandt explained. “What I see are markets that are between a rock and a hard place”, Brandt pointed to several significant levels of support and resistance on the charts for both assets. “It is not surprising that the market is now floating with no direction.”
“I’m not really expecting anything for the rest of the year. I honestly believe the market will develop a wide, troubled range. I think there is a good chance the bulls will get excited and disappointed when we recover. ” We did it in the last few weeks. The bears will be excited and disappointed. “
According to Brandt, the price of Ethereum is expected to be between $ 250 and $ 500. what he recognized as a wide range. Similar, The price of Bitcoin is likely to be somewhere between $ 8,900 and $ 12,500. added.
Other opinions vary on the key assets of the crypto industry. A recent report from the cryptocurrency exchange, Kraken predicted possible bearish action for Bitcoin in September based on previous years.