Veteran trader Peter Brandt has warned that bitcoin’s price corrections have taken many months in the past and it may take some time for the price of the cryptocurrency to hit another all-time high. He criticized bitcoin’s proponents for constantly hyping the crypto regardless of the price.
Peter Brandt warns that it may take some time to reach another Bitcoin peak
Peter Brandt, a veteran trader warned investors that bitcoin could be slow to rise again.
Brandt started trading FX futures in 1975. Brandt is also a chartist, and author of the Factor Report. A variety of markets are traded by him, such as Dow futures, Osaka Dow and Osaka Dow.
He criticized bitcoin’s proponents for constantly hyping the cryptocurrency regardless of what the price is doing. “Cheerleaders who constantly beat the drums of ‘to the moon’ are doing a huge disservice to BTC investors,” the trader tweeted, elaborating:
Long corrections may be necessary. The message should not be a constant gimmick, but one that can endure for a long time.
Brandt also attached a chart to his tweet that showed major bitcoin price heights and how long it takes for them to reach their highest point. He pointed out, in particular, that BTC took 21 months to hit the next high point in 2013. It was 40 months and 36 months respectively in 2017 and 2020.
According to data from Bitcoin.com Markets.com, bitcoin’s price reached an all-time record of $68,892. The price of bitcoin has declined more than 42% in the past year. The current price for Bitcoin is $39,933 at the time this article was written.
Brandt didn’t give an estimation of the time it would take BTC to reach its next high. However, the veteran trader recently shared his “scared trading rule,” which is to “Never add to a losing trade.”
A panel of fintech experts at Finder.com predicts that bitcoin’s price will hit $94K in 2019. By the end of 2025, the panel believes BTC’s price will reach $192,800 and $406,400 in 2030.
Goldman Sachs, a global investment bank, has said that Bitcoin’s value is at risk due to Federal Reserve increasing interest rates. In January, Switzerland’s largest bank, UBS, warned of crypto winter. JPMorgan, a global investment bank, has predicted a price rise of BTC to $150K in the long term. However it estimated that its fair market value was $38K.
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