Old-school commodities trader Peter Brandt has taken pains to respond to those traders and cryptocurrency holders who believe that, right now, the flagship cryptocurrency, Bitcoin, is undergoing a major correction after hitting an all-time high. from $73,750 last week.
Old-school commodities trader Peter Brandt has taken pains to respond to those traders and cryptocurrency holders who believe that, right now, the flagship cryptocurrency, Bitcoin, is undergoing a major correction after hitting an all-time high. from $73,750 last week.
Between March 14, when the all-time peak was reached, and March 20, the drop was 16.64%, when Bitcoin reached $61,520. Still, Brandt tweeted that he doesn’t think this is a big correction.
“I don’t see any correction,” says Peter Brandt
Brandt stated that he zoomed out to take a more general look at the Bitcoin chart and did not see any correction on it. In the chart he showed, the world’s leading cryptocurrency can be seen repeating the horizontal channel pattern (also known as a sideways trend). There is also an inverted double top pattern shown on the chart.
According to its chart, Bitcoin followed a sideways trend throughout 2023 and broke out of it once 2024 began.
Brandt attacked those who bet on meme coins and scoins with leverage, saying that for them “any correction will be = rekt.”
“Bitcoin is ready to ‘kill it'”, 99% of meme coins go to zero
In a comment on his aforementioned tweet, Brandt talked about the dominance of Bitcoin’s market cap over the rest of the cryptocurrency market.
Now, it is also moving in a sideways trend after rising sharply last year. The renowned chartist claimed that “Bitcoin is about to ‘kill it’” on this chart, and he is targeting a 65% increase in this metric in the current bull run. He referred to other cryptocurrencies as “pretenders” and stated that ultimately 99% of meme coins and altcoins will fall to zero. “In the end, there will only be one cryptocurrency left standing: that is the BTC legend.”
Earlier this year, Peter Brandt tweeted that he hopes cryptocurrencies can prove to be a solution to the ever-growing US national debt and can “rescue the system” or at least generate “incredible wealth” for the poor. youths. generation of investors.
Currently, Peter Brandt is awaiting the next Bitcoin halving, along with the rest of the cryptocurrency community.
