Legendary Investor: Bitcoin (BTC) Could Bottom At $3,000, Altcoins To Crash
“I’m Believe In The Bitcoin Narrative”
Peter Brandt, a legend in the commodity investment realm, recently sat down with CoinTelegraph to discuss his opinions on the current bear market. Although Brandt has traded traditional markets for decades, nearing five at this point, he lauded Bitcoin (BTC).
Discussing the bearish market conditions, Brandt first claimed that one of the “best things you can do [in trading]” is keeping your money intact, likely bashing the sentiment that “HODLing” or risky day trading can produce stellar profits in the long run. The American trader, who has authored a number of essential trading primers, added that while cryptocurrency diehards see “fiat” as a no-go, those who have “HODLed” government-issued currency have been “far better off than those stubbornly deciding that BTC will go to $100,000.”
And interestingly, Brandt, who currency touts 234,000 followers on his Twitter feed, noted that the active traders of today may “miss the big moonshot when it comes,” due to their penchant for using short-term indicators and viewing the market from a day-to-day perspective.
Although the trader bashed the idea of holding or trading cryptocurrencies in 2018, Brandt went on to explain that he’s becoming a “long-term buyer and holder of BTC.” However, in an apparent Bitcoin maximalist outburst, the CEO of Factor Trading added that he has “no time” for other “old coins” or macro caps, such as Ethereum (ETH) and XRP.
Touching on why he addresses the nascent crypto industry from such a perspective, Brandt noted that he’s a Bitcoin guy through and through, before quipping that he believes in the asset’s narrative — potentially as a digital store of value, or the world’s most secure transaction settlement layer. Further alluding to the theory that he’s not the biggest fan of altcoins, Brandt flat-out stated that he “thinks 98% to 99% of the coins out there are going to eventually be worthless,” even adding that his fellow pundits hold similar sentiment.
We Could Bottom Within Six Months, At $3,000 Per Bitcoin
When asked the age-old question about when the crypto market established a bottom, Brandt jumped on the question, as he was seemingly poised to give his insight to such a pertinent topic. He first explained that cryptocurrency markets are optimal for a chartist, as technical indicators actually give good insight.
As such, Brandt explained that according to his analysis of fractals, coupled with other indicators, he is calling for BTC to hit $2,900, but sees multiple scenarios that could be fleshed out. Firstly, he said that there’s a chance that the Bitcoin price won’t hit the aforementioned figure, as $3,000 is an extremely strong psychological level and a level of accumulation for long-term cryptocurrency advocates.
The other scenario, in the American trader’s mind, is that if BTC plunges below $2,900 with enough sell-side pressure, there’s a chance the asset could fall to $1,200 over a medium-term period.
Still, the Factor Trading chief noted that as lines can be drawn between 2014/2015’s cryptocurrency downturn and that of today, the market is likely entering its last leg of capitulation and despair — whether BTC falls to $2,900 or $1,200.
In closing, he doubled-down on his support for this budding asset, widely dubbed Digital Gold, by stating that he has 8% of his net worth in BTC, before stating that the cryptocurrency could find a bottom in the next six months, even at the low 3000s.