Veteran Trader Peter Brandt Says Bitcoin Price ‘Could Go to $27K’
Categories: Bitcoin US
On Wednesday (April 20), legendary veteran trader Peter L. Brandt, who is one of the world’ most respected classical chartists, commented on Bitcoin’s latest price action.In 1990, Brandt, who has been a commodity trader since 1976, published the book Trading Commodity Futures with Classical Chart Patterns. Then, in 2011, John Wiley and Sons published his second book, Diary of a Professional Commodity Trader, which “became Amazon’s #1 ranked book on trading for 27 weeks.” On March 2, Brandt said that he was a not a BTC HODLer since it made more sense to use technical analysis to recognize Bitcoin’s tops and then to sell at those points rather than hold BTC no matter what and “risk” 80% drawdowns. And on March 3, he pointed out that this did not mean that he was advocating “short-term trading” of BTC.Then, yesterday (April 22), he said that looking at the chart of Nasdaq 100 gives him a feeling of déjà vu. And the reason that this is a worrying comment for crypto investors is the seemingly high positive correlation between U.S. tech stocks and Bitcoin and the high positive correlation between Bitcoin and other cryptoassets.As popular crypto analyst Jason Pizzino said earlier this week — in a YouTube video he published on April 19 — for Bitcoin to go much higher, it needs to decouple itself from Nasdaq. And the reason that this is a worrying comment for crypto investors is the seemingly high positive correlation between U.S. tech stocks and Bitcoin and the high positive correlation between Bitcoin and other cryptoassets.As popular crypto analyst Jason Pizzino said earlier this week — in a YouTube video he published on April 19 — for Bitcoin to go much higher, it needs to decouple itself from Nasdaq.