Legendary Wall Street Trader Turns Bullish On Bitcoin, For First Time In 2022
Legendary Wall Street trader Peter Brandt has been seeing and analyzing charts for over 40 years now. A few weeks ago, he felt super bearish about Ethereum and Bitcoin, when it fell to $900 and $17,000 respectively. Now, he seems to have turned around.
Brandt’s book diary of a professional commodity trader is considered a bible to many in the City of London. Back in 2011, he was named as one of the 30 most influential persons in the world of finance. Importantly, he is one of the first classic Wall Street traders who admitted the technical capabilities of Bitcoin and has mostly been correct about its direction. Even Dogecoin holds no secrets to Peter.
Back in October 2020, when Bitcoin was trading in the $10k range and Square (the fintech company of (then still) Twitter CEO Jack Dorsey) had just bought 50 million dollars worth, Brandt claimed he could see a big buy signal in the charts. Four months later, Bitcoin traded over $50,000.
Short corrections are possible, but trend is still up.— Michaël van de Poppe (@CryptoMichNL) August 5, 2022
Looking quite fine on the higher timeframes for #Bitcoin.
During most of 2022 however, his predictions for crypto have been very bearish. Back in June, Brandt predicted that Bitcoin could drop to $13,000 and Ethereum to $660. But now… there seems to be a change afoot.
Showing a YouTube clip from Bill Maher, in which the late night host predicts a crypto crash back in May, Brandt states that Bitcoin hit a local top of $57,000 just a few days later, showing how oversaturated the market was at the time.
I think I struck a raw nerve with some people who are still long Bitcoin from double the present price.— Peter Brandt (@PeterLBrandt) August 4, 2022
For the record, Bitcoin is one of my personal largest ownership positions
However, he followed up by admitting that he’s currently holding a considerable amount of Bitcoin, explaining:
I think I struck a raw nerve with some people who are still long Bitcoin from double the present price. For the record, Bitcoin is one of my personal largest ownership positions.
He must see something positive in the current charts then.
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