On Wednesday (April 20), legendary veteran trader Peter L. Brandt, who is one of the world’s most respected classic chartists, commented on Bitcoin’s recent price action.
In 1990, Brandt, who has been a commodity trader since 1976, published Trading Commodity Futures with Classical Chart Patterns. Then, in 2011, John Wiley and Sons published his second book, Diary of a Professional Commodity Trader, which “became Amazon’s #1 book on trading for 27 weeks.”
This is what Raoul Pal, co-founder and CEO of Real Vision, says about Brandt:
“Peter is quite simply one of the finest and most experienced classical chartists in the world. His analytical, chart-only approach to trading and risk management is clear, understandable and actionable. Real Vision had the honor of featuring Peter’s work and his content continues to be some of the most talked about and loved by our subscribers. I cannot recommend his work enough.”
In a tweet published on April 20, Brandt — who respects bitcoin but doesn’t see some bitcoin maximalists as a religion — hinted that there could be more corrections in bitcoin’s price in the coming days.
Very possible. That’s been my guess for many months. We will see
— Peter Brandt (@PeterLBrandt) April 20, 2022
Later that day, Brandt tweeted that Bitcoin price could even drop to $27,000.
On March 2nd, Brandt said he is not a BTC HODLer as it makes more sense to use technical analysis to spot bitcoin’s spikes and then sell at those points rather than hold BTC no matter what and “Risk” 80% drawdowns. And on March 3, he pointed out that that doesn’t mean he endorses BTC’s “short-term trading.”
I am NOT an advocate of short-term trading
The highs of 2013, 2017 and April 2021 were clearly visible
Given the clarity of the tops, why would anyone risk 80% DDs and have to make the same $$ over and over again?
come on guys $BTC is a great investment, not a religion https://t.co/xJXN6fYODG— Peter Brandt (@PeterLBrandt) March 3, 2022
Then yesterday (April 22) he said that looking at the Nasdaq 100 chart gave him déjà vu.
And the reason this is a worrying comment for crypto investors is the seemingly high positive correlation between US tech stocks and Bitcoin, and the high positive correlation between Bitcoin and other crypto assets.
As popular cryptanalyst Jason Pizzino posted earlier this week in a YouTube video he posted on March 19,
According to a report by The Daily Hodl, Pizzino said:
- “A 25x figure might seem a little far-fetched. But as we can see from December 2018 to the current high in November 2021, it was basically a 22x return. So 2,100% here. So it’s not too far off the question. But I just think it’s going to take a lot longer than people expect.”
- “Some of the challenges we are facing is decoupling from the Nasdaq… The problem is with the Nasdaq itself as we could expect more downside in the Nasdaq which means more downside in Bitcoin and Ethereum and of course cryptocurrencies.”
- “Bitcoin needs to decouple from technology. It needs to decouple itself from the tech sector and become more gold oriented if it is to become a world reserve asset.”
On April 7, Catherine Wood — founder, CIO, and CEO of ARK Investment Management, LLC — said her firm expects Bitcoin price to hit $1 million by 2030 while speaking on a panel with Michael J. Saylor, co-founder, chairman, and CEO of Nasdaq-listed business intelligence company MicroStrategy Inc. (NASDAQ: MSTR), spoke in Miami, Fla. on day two of the four-day Bitcoin 2022 conference.
wood said:
“As many of you may know, in our Big Ideas 2022 we have…a price target for bitcoin in 2030 of more than $1 million per bitcoin…if you go in and see how we build this case…everything we expect in over the next eight years, about two and a half percent of institutional assets will be allocated to bitcoin.”
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The views and opinions expressed by the author or any person mentioned in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading in cryptoassets involves risk of financial loss.
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