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Veteran trader Peter Brandt has warned that bitcoin’s price corrections in the past have taken several months and that it may take some time for the crypto currency’s price to reach another all-time high. He chastised bitcoin supporters for relentlessly pushing the cryptocurrency regardless of its price.
Peter Brandt Issues a Proclamation Another Bitcoin Peak Could Take Some Time
Veteran trader Peter Brandt warned investors on Thursday that the price of bitcoin may take some time to reach another all-time high.
Since 1975, Brandt has worked as a futures and foreign exchange dealer. In addition, he is a chartist and the creator of Factor Report. He trades Dow futures, bonds, corn, crude oil, European wheat, Osaka Dow, US currency, and sugar, among other things.
He chastised bitcoin supporters for relentlessly pushing the cryptocurrency regardless of its price. “Cheerleaders who constantly beat the drums of ‘to the moon’ are doing a huge disservice to BTC investors,” the trader explained on Twitter.
Corrections can be lengthy. Long endurance, not constant hype, should be the message.
Brandt’s tweet also included a graphic detailing major bitcoin price highs and the number of months it will take to surpass them. He specifically stated that it takes BTC 21 months to achieve the next new high in 2013, 40 months in 2017, and 36 months in 2020.
The price of bitcoin reached an all-time high of $68,892 on November 9, last year. However, it has dropped by more than 42% since then. BTC is now worth $39,933 at the time of writing.
Brandt did not speculate how long it would take for BTC to reach the next new high. On the other hand, the senior trader recently published his “scared trading rule,” which is to “never add to a lost deal.”
Bitcoin will reach $94K this year, according to a panel of finance experts at Finder.com. The panel expects BTC to be worth $192,800 by the end of 2025 and $406,400 by 2030.
Meanwhile, Goldman Sachs, a major investment firm, has cautioned that the price of bitcoin is sensitive to an increase in interest rates by the Federal Reserve. In addition, UBS, Switzerland’s largest bank, warned of a crypto winter in January. Nonetheless, major investment firm JPMorgan forecasts a long-term price of $150K for BTC but believes its fair worth is $38K.
