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Be Careful With Bitcoin All-Time High Price Prediction | Peter Brandt
As Bitcoin currently sits at $39,600 and Ethereum trades just under $2,700, these price predictions seem far-fetched to say the least. Veteran trader Peter Brandt, who has been trading since 1975 across multiple markets such as oil, sugar, U.S. Dollar, and futures, suggests that it could take some time before Bitcoin hits the all-time high. In a tweet, Brandt tweeted:
Corrections can be lengthy. Long endurance, not constant hype, should be the message.
Brandt also went on to say, “Cheerleaders who constantly beat the drums of ‘to the moon’ are doing a huge disservice to BTC investors.”
Brandt tweeted a chart showing major bitcoin price highs and the number of months to exceed them. He pointed out that it took 21 months for bitcoin to reach the next new high in 2013, 40 months in 2017, and 36 months in 2020.
As Bitcoin trades sideways, many enthusiasts and pundits have been suggesting to ‘buy the dip’, which Brandt opposes and suggests that NOT buying the dip is his ‘sacred trading rule’. In a response to tweet, Brandt offered his experience from 1980, in which he tweeted;
I remember in 1980 people saying the same thing about Silver after it topped $50.
It then sank to a low of $3.65 and did not start back up for 24 years.
Not saying Bitcoin is the same, but a sacred trading rule I have used is never add to a losing trade.
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