Fun

Veteran Trader Peter Brandt Warns Bitcoin’s Price Corrections Can Be Lengthy

News Feed - 2022-02-20 01:02:53

Veteran Trader Peter Brandt Warns Bitcoin"s Price Corrections Can Be Lengthy


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 It May Take Some Time for Another Bitcoin Peak


Veteran trader Peter Brandt cautioned investors Thursday that it could take some time for the price of bitcoin to reach another all-time high.


Brandt has been a futures and FX career trader since 1975. He is a chartist and the author of the Factor Report. He trades a variety of markets, including Dow futures, bonds, corn, crude oil, European wheat, Osaka Dow, U.S. dollar, and sugar.


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: Corrections can be lengthy. Long endurance, not constant hype, should be the message.


Brandt also included a chart with his tweet showing major bitcoin price highs and the number of months to exceed them. Specifically, he pointed out that it took 21 months for BTC to reach the next new high in 2013, 40 months in 2017, and 36 months in 2020. Peter Brandt’s chart showing how long it took for bitcoin’s price to reach another peak in the past. Source: Peter Brandt


The price of bitcoin hit an all-time high of $68,892 on Nov. 9 last year based on data from Bitcoin.com Markets. Since then, it has fallen more than 42%. At the time of writing, the price of BTC is $39,933.


Brandt did not offer an estimate of how long it will take for BTC to hit the next new high. However, the veteran trader recently shared his “scared trading rule,” which is to “Never add to a losing trade.”


According to a panel of fintech specialists at Finder.com, bitcoin will peak at $94K this year. By the end of 2025, the panel believes BTC’s price will reach $192,800 and $406,400 in 2030.


Meanwhile, global investment bank Goldman Sachs has warned that the price of bitcoin is vulnerable to the Federal Reserve hiking interest rates. In January, Switzerland’s largest bank, UBS, warned of crypto winter. Nonetheless, global investment bank JPMorgan has a long-term price prediction of $150K for BTC but estimated its fair value to be $38K. Tags in this story bitcoin correction, bitcoin price corrections, bitcoin price prediction, Peter Brandt, Peter Brandt bitcoin


What do you think about Peter Brandt’s warning? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Shark Tank"s Kevin O"Leary Expects Bitcoin to "Appreciate Dramatically" in 2-3 Years MARKETS AND PRICES | 6 hours ago Demand for Gold-Backed Tokens Brings Premiums as Precious Metal"s Value Jumps Higher MARKETS AND PRICES | 16 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleShark Tank’s Kevin O’Leary Expects Bitcoin to ‘Appreciate Dramatically’ in 2-3 Years Next articleDespite Recent Threats From Canadian Officials, ‘Real Crypto’ or Decentralized Assets Cannot Be Frozen Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItMcDonald’s Trademark Filings Hint at Fast Food Giant"s Intent to Produce Metaverse Restaurants


Following a slew of well known brands filing trademarks for metaverse related products and virtual goods, the American fast food firm founded in 1940, McDonald’s, has filed for ten trademark applications that describe plans to offer virtual restaurants and other ... read more.Binance Invests $200 Million Into the Business Magazine and Digital Publisher Forbes Fintech Specialists Predict Ethereum Price Hitting $6,500 This Year Before Rising to $26,338 by 2030 Fitch Ratings Downgrades El Salvador Deeper Into Junk Status Citing Bitcoin Risks City of Miami Gets $5.25M Disbursement From Miamicoin as MIA Flounders 88% Lower Than Price High

News Feed

Bitcoin Legal in India: Exchanges Resume INR Banking Service After Supreme Court Verdict Allows Cryptocurrency
Bitcoin Legal in India: Exchanges Resume INR Banking Service After Supreme Court Verdict Allows Cryptocurrency Indian cryptocurrency exchanges are bringing back banking support a
Brayden Lindrea3 hours agoIndividual creators will ultimately shape the metaverse: Sandbox foundersAs the firm moves to open up The Sandbox Map, co-founder Sebastian Borget said he believes individual creators and brands
Filecoin Foundation launches Chinese legal inquiry into STFIL incident
Christopher Roark4 hours agoFilecoin Foundation launches Chinese legal inquiry into STFIL incidentFoundation senior fellow Danny O’Brien stated that the team has hired a lawyer and is attempting to determine whether po
Joe Hall13 hours agoPrivacy prevails and cypherpunks write code at Baltic HoneybadgerThe Riga cypherpunk reunion convened around the Lightning Network, privacy and a strong anti-CBDC sentiment.1032 Total views40 Total sh
Mars4: Highly Liquid MARS4 Dollars and Revenue Generating Mars Terrain NFTs
Mars4: Highly Liquid MARS4 Dollars and Revenue Generating Mars Terrain NFTs sponsored The red planet is a mystery to man and his obsession with it has created many legends and myths
Hermi De Ramos11 hours agoHow blockchain, AI can help research into extending human lifeJasmine Smith, CEO of Web3-based wellness app Rejuve.AI, told Cointelegraph that decentralized and AI-powered platforms for health r
Ethereum Drop Coming? ETH Risks Fall To $2,180 If This Support Fails – Analyst
Este artículo también está disponible en español. Amid the market retrace, Ethereum (ETH) has lost its key $2,600 support zone and fallen below the next crucial level. As
Rakesh Upadhyay5 hours agoPrice analysis 7/14: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, LTC, MATIC, DOTBitcoin and several altcoins are taking a breather after the sharp rally of the past two days, but the general trend remai
OpenAI co-founder leaves for AI rival Anthropic
Tom Mitchelhill4 hours agoOpenAI co-founder leaves for AI rival AnthropicOpenAI co-founder John Schulman says he"s leaving OpenAI to focus more intently on AI alignment and "hands-on technical work" at rival fi
Elon Musk and Mark Cuban See Dogecoin as the ‘Strongest’ Cryptocurrency for Payments
Elon Musk and Mark Cuban See Dogecoin as the "Strongest" Cryptocurrency for Payments Tesla CEO Elon Musk and Shark Tank star Mark Cuban see dogecoin as the &ldqu
Shaquille O’Neal may still be in hot water over Astral NFTs, says judge
Jesse Coghlan7 hours agoShaquille O’Neal may still be in hot water over Astral NFTs, says judgeA Miami judge didn’t dismiss a claim that basketball legend Shaquille O’Neal was a “seller” of Astrals NFTs and fou
MVRV Pricing Bands Suggest Ethereum Cycle Peak Is Still Ahead – Analyst Sets $7,000 Target
Este artículo también está disponible en español. Ethereum, the largest altcoin by market capitalization, is trading at surprisingly low levels compared to its peers, rai