Veteran trader Peter Brandt has warned that bitcoin price corrections have taken several months in the past and it may take some time for the cryptocurrency’s price to reach a new all-time high. He criticized bitcoin supporters for constantly promoting the crypto, regardless of price.
Peter Brandt warns it may take a while for another Bitcoin spike
Veteran trader Peter Brandt warned investors on Thursday that it could take some time for bitcoin’s price to hit a new all-time high.
Brandt has been a career futures and forex trader since 1975. He is a chartist and author of The Factor Report. It trades a variety of markets, including Dow futures, bonds, corn, crude oil, European wheat, Osaka Dow, US dollar and sugar.
He criticized bitcoin supporters for constantly promoting the cryptocurrency, regardless of price. “The cheerleaders who constantly beat the drums of ‘to the moon’ are doing a huge disservice to BTC investors,” the trader tweeted, adding:
Edits can take a long time. 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 top them. Specifically, he pointed out that it took 21 months to BTC to reach the next new high in 2013, 40 months in 2017 and 36 months in 2020.
The price of bitcoin hit an all-time high of $68,892 on November 9 last year based on data from Bitcoin.com Markets. Since then, it has fallen by more than 42%. At the time of writing, the price of BTC is $39,933.
Brandt did not give an estimate of how long it will take to BTC to reach the next new peak. 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 $94,000 this year. By the end of 2025, the group estimates BTCthe price will reach $192,800 and $406,400 in 2030.
Meanwhile, global investment bank Goldman Sachs has warned that bitcoin’s price is vulnerable to the Federal Reserve’s interest rate hike. In January, Switzerland’s largest bank, UBS, warned of crypto winter. Nonetheless, global investment bank JPMorgan has a long-term price prediction of $150,000 for BTC but estimated its fair value at $38,000.
What do you think of Peter Brandt’s warning? Let us know in the comments section below.
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