Massive Bitcoin Bullish Prediction by Legendary Trader Peter Brandt

Massive Bitcoin Bullish Prediction by Legendary Trader Peter Brandt

Old school commodities trader Peter Brandt has published an X post with a bullish prediction on how he expects the BTC price to perform after the current correction.

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Old school commodities trader Peter Brandt has published an X post with a bullish prediction on how he expects the BTC price to perform after the current correction.

Peter Brandt’s 50th business anniversary

In the X publication, Brandt shared that the current year 2024 is the 53rd anniversary of the first operation in the futures market. As this big anniversary arrives, he hailed the world’s flagship cryptocurrency as “the trade of a lifetime.” He wrote that “there has never been nor can there ever be another market like Bitcoin.”

Brandt’s first exchange They were pre-1964 silver quarter and dime futures contracts, as the dealer described them. The transaction took place on the New York Mercantile Exchange in 1971.

Brandt also shares that during his long trading career, he has traded several futures contracts “covering everything from corn to gold, Treasuries to copper, sugar to palm oil, lumber to livestock, stock indices to shell eggs.” , from iron ore to Idaho potatoes.”

In recent years, it added Bitcoin to the assets it trades, as well as some other cryptocurrencies, such as Ethereum. However, the trader often criticizes altcoins and BTC is the only cryptocurrency he believes in as an asset.

Smart trader praises Bitcoin, criticizes altcoins and cryptocurrencies meme

in a blog post linked to tweetBrandt emphasized the uniqueness of the Bitcoin market. As for altcoins and meme coins, he described them as “proliferations” that “owe their existence to Bitcoin.”

There are several things that make BTC unique, according to Brandt. The first is its non-hackable nature, as well as its “limited quantity, globally accepted, traceable and almost instantly transactional.” The behavior of the price of Bitcoin is another important factor, says the trader. Overall, he believes that BTC is “a hostile takeover attempt of the global monetary system.”

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BTC Bullish Prediction: $125,000

Brandt also listed the major developments in Bitcoin price since its inception. The trader noted that Bitcoin’s advances are often parabolic in nature.

The Bitcoin chart shared by Brandt in his X post shows that Bitcoin has been rising irreversibly since the beginning and that even major corrections did not break BTC’s ascending line. The current upward period, according to the chart, began in late 2022 and continues now. The price target here is up to $125,000.

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