Peter Brandt, long-time trader and CEO of proprietary trading firm Factor LLC, recently gave his thoughts on the current crypto market, describing the price action stuck between two difficult giants.
“Bitcoin and Ethereum — those really, for me, is where the game is played,” Brandt told Cointelegraph in a Sept. 9 interview when asked about his thoughts on Bitcoin for the days and months ahead. As the two largest market cap assets in the crypto space, BTC and ETH each hold a large following, with their actions indicative of market health and likely subsequent ripple effects, depending on their activity.
Bitcoin (BTC) and Ethereum (ETH) both posted topping chart patterns prior to declining prices, Brandt described. BTC topped out near $12,500 on Aug. 17, while ETH hit its local high near $490 on Sept. 1, based on TradingView.com data. Since then, Bitcoin dropped near $9,800 before bouncing slightly, while ETH dropped down to $310, before also yielding a subsequent