thecryptobasic.com
Proponents call out Peter Brandt as Cardano price surges considerably following his bearish outlook, but there’s a catch.
Possibly borne of the constant need to defend themselves and their views, crypto investors have strong emotional ties to their assets and often do not tolerate negative perspectives about them, no matter how constructive.
As such, it is not unsurprising that crypto investors often feel the need to dish out ‘I told you so(s)’ and take a victory lap when they think they have proven naysayers wrong.
One such crypto market participant has recently brought attention to a months-long Cardano (ADA) analysis from veteran trader Peter Brandt, suggesting that the analyst had widely missed the mark.
But did Brandt make a wrong call?
Cardano (ADA) Proves Brandt Wrong?
“If you are long ADA Cardano, look out below,” veteran commodities trader Peter Brandt quipped in a light jab at ADA investors in April 2024.
The analyst made this statement while presenting a daily ADA chart. The chart showed the formation of a bearish head and shoulders chart pattern that suggested that the asset risked a significant price dump if it broke the neckline around the $0.55 price point. For context, the asset was exchanging hands for $0.564 at the time.
However, as one crypto market participant recently highlighted, ADA is up over 100% since Brandt’s analysis.
“This aged well ADA climbed over 100% since,” the market participant wrote in a Thursday, December 12 X post.
This aged well $ADA climbed over 100% since.
— FreedomLanders (@freedomlanders) December 11, 2024
To be sure, the asset is trading at $1.1724 at the time of writing.
However, there is just one problem with the criticism of Peter Brandt’s April ADA analysis: it played out as the analyst warned.
While current prices may not reflect it, on April 12, the exact date Brandt shared his ADA analysis, the asset broke the neckline of the head-and-shoulders pattern, kicking off a months-long decline to lows around the $0.28 price point.
The recent gaff highlights a problem with how crypto participants view and respond to perceived critics. Indeed, responding to the market participant, Peter Brandt exasperatedly wrote:
“April 12 — SERIOUSLY. I am a trader. I’ve probably changed my mind 10 times since then. When circumstances change, I change my mind. What do you do????????”
As reflected by ADA’s price and Brandt’s statement, crypto market circumstances have significantly changed since April. Buoyed by shifting macroeconomic winds as the Fed cuts interest rates and overwhelming pro-crypto sentiment ahead of an incoming Donald Trump administration, crypto assets, including ADA, have flourished in recent weeks.