Analyst Who Knows Every Step of Bitcoin: This Altcoin Can Be Cracked!

Experienced trader Peter Brandt, known in the cryptocurrency space with claims of Bitcoin (BTC), shared his negative comments for an altcoin. According to Brandt, Cardano (ADA) is at a disadvantage. Here are the details…

Brandt predicts decline for Cardano

Veteran trader Peter Brandt, known for his genuine assumptions in the crypto market, shared the ADA chart in a tweet Friday. He pointed out that the asset is starting to form its descending triangle chart pattern. Meanwhile, Brandt had closed the responses section of his tweet. So Twitter users could not respond to Brandt’s post. It is worth noting that Brandt shared his chart model for the first time a week ago and argued that if the asset stays in the descending triangle, it will experience another valuable decline.

Brandt’s latest tweet comes quickly after Cardano successfully rolled out a valuable update two days ago. As we have also reported, the long-awaited Vasil hard fork went live on Thursday after months of delay. This update promised smoothed scalability and smart contract functionality.

Altcoin received criticism from fans

Brandt’s tweet attracted ADA fans, who claimed that he did not trust the technical analyst’s analysis. The veteran trader was criticized by Cardano users who quoted his tweet for choosing to disable comments. Additionally, Cardano founder Charles Hoskinson also criticized Brandt’s analysis. He blamed Brandt for failing to take macroeconomic conditions into account in his analysis using the one-to-one tool. Hoskinson used the following words:

The graphic seems to forget that it is evvel again a whole world. It’s about central banks, nations, economies, supply chains and even wars. Isn’t it surprising? And all these factors actually have an impact on the markets. I was very surprised too.

More than 70 percent of the supply is staked

Hoskinson, in particular, previously expressed his belief that the current state of crypto markets does not accurately reflect the strength of crypto projects and that Cardano is stronger than ever. Hours before the Vasil hard fork, some Cardano statistics shared by Hoskinson revealed that more than 25 billion ADA had been staked. This represents more than 70 percent of the total supply. That is, it reflects strong long-term investor belief. Additionally, as reported by Santiment, social interest in the asset has increased.

ADA is currently trading with a 0.9 percent drop in the last 24 hours. ADA, which ranks eighth by market cap, is changing hands at $0.46 at the time of writing. In addition, it has lost 2.9% of its value in the last seven days. Influenced by the overall cryptocurrency market.

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