On Wednesday (April 20), legendary veteran trader Peter L. Brandt, who is one of the world’s 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 Traderwhich “became Amazon’s # 1 ranked book on trading for 27 weeks.”
This is what Raoul Pal, Co-Founder and CEO of Real Vision, says about Brandt:
“Peter is simply one of the very best and most experienced classical chartists in the world. His analytical, pure chart-driven approach to trading and risk management is clear, understandable and actionable. Real Vision has had the honor of featuring Peter’s work and its content remains one of the most talked about and enjoyed by our subscribers. I can’t recommend his work enough.“
In a tweet published on April 20, Brandt – who respects Bitcoin but does not see as a religion some Bitcoin maximalists – hinted that there might be further corrections in the Bitcoin price in the days to come.
Later that day, Brandt tweeted that the Bitcoin price could even go as low as $ 27K.
On March 2, Brandt said that he was 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 US 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.
According to a report by The Daily Hodl, Pizzino said:
- “A 25x might seem like it’s a little far-fetched. But as we can see from December 2018 to the current top in 2021 in November, it’s basically been a 22x return. So 2,100% here. So it’s not too far out of the question. But I just think it’s going to take a lot more time than people are expecting.“
- “Some of the challenges that we’ve got to get through is decoupling from the Nasdaq The problem lies with the Nasdaq itself being that we could be in for more downside in the Nasdaq which means more downside in Bitcoin and Ethereum and of course cryptocurrencies.“
- “Bitcoin needs to decouple from technology. It needs to decouple from the tech sector and it needs to go more in line with gold if it is to become a world reserve asset.“
On April 7, Catherine Wood – Founder, CIO, and CEO at ARK Investment Management, LLC – said that her firm expects the Bitcoin price to reach $ 1 million by 2030 while speaking at a panel with Michael J. Saylor, Co-Founder, Chairman , and CEO of Nasdaq-listed business intelligence company MicroStrategy Inc. (NASDAQ: MSTR), in Miami, Florida on day two of the four-day Bitcoin 2022 conference.
“As many of you may know, in our big ideas 2022… we have a price target in 2030 for Bitcoin of more than $ 1 million dollars per bitcoin… If you go in and you’ll see how we build that case… all we expect over the next eight years is that roughly two and a half percent of institutional assets are allocated to bitcoin.”
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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