Bitcoin Could Bottom At $3000, Says Legendary Investor Peter Brandt
Bitcoin News: Peter Brandt, the CEO of Factor Trading and a legend in the commodity investment realm states that he “believes in the bitcoin narrative,” in an interview with CoinTelegraph.
While discussing the current bear market, Brandt firstly suggested that the “best things you can do [in trading]” is to keep one’s money intact, implying that contrary to the current belief “HODLing” or risky day trading cannot produce stellar profits in the long run.
Trading the traditional markets for nearly five decades, Brandt has become a veteran at trading. He added that though cryptocurrency lovers disregard “fiat”, those who have “HODLed” fiat currency have been performing “far better off than those stubbornly deciding that BTC will go to $100,000.”
Furthermore, he pointed out that a current lot of active traders tends to “miss the big moonshot when it comes,” majorly because they keep a day-to-day perspective, eyeing short-term indicators and ignoring the bigger picture. The American trader, who has authored a number of essential trading primers, added that he’s becoming a “long-term buyer and holder of BTC.” In saying so, he also mentioned altcoins such as Ethereum (ETH) and XRP, saying that he has “no time” for other “old coins” or macro caps.
Brandt further elaborated his affixation with BTC, noting that he’s a BTC guy through and through as he believes in the asset’s narrative of being a good digital store of value and the world’s most secure transaction settlement layer. Explaining his aversion towards the altcoins he states that according to him ” 98% to 99% of the coins out there are going to eventually be worthless.”
When quizzed about when the crypto market established a bottom, Brandt firstly explained that since technical indicators actually give good insight into the cryptocurrency markets, the ecosystem is quite optimal for a chartist.
Elaborating his own analysis of fractals, coupled with other indicators, he indicated that the BTC will hit to $2,900. However, he sees multiple scenarios that could be fleshed out, for instance, the current $3,000 is an extremely strong psychological level and a level of accumulation for long-term cryptocurrency advocates. Another scenario is that if BTC plunges below $2,900 with enough sell-side pressure, the token in likelihood falls to $1,200 over a medium-term period.
Meanwhile, Brandt believes that the market is likely entering its last leg of capitulation and despair after drawing an inference between 2014/2015’s cryptocurrency downturn and that of today. Extending his support to BTC, he stated that 8% of his net worth in bitcoin.
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