Thursday, September 29, 2022
HomeBTCBitcoin is in a "very historical bull market", says Peter Brandt

Bitcoin is in a “very historical bull market”, says Peter Brandt

Peter L. Brandt, a legendary veteran trader, predicts another major rise for Bitcoin at "some point" in the future, once the crypto asset can eventually break free of its current trading range.

Brandt, a commodity trader since 1976, released Trading Commodity Futures using Classical Chart Patterns in 1990. Raoul Pal, co-founder and CEO of Real Vision, stated that Peter Brandt is simply one of the world’s greatest and most experienced classical chartists. His scientific, chart-based approach to trading and risk management is straightforward, accessible, and actionable.

Real Vision has had the pleasure of presenting Peter’s work, and his content continues to be one of the most discussed and liked by our subscribers. I cannot endorse his work. Following Bitcoin’s huge price increase over the previous two years, Brandt, who accurately forecasted the market crash for Bitcoin and crypto assets in 2018, has been putting Bitcoin’s charts into context.

During a recent interview with StockCharts, Brandt said that Bitcoin is now locked in a “large trading range,” but it has still profited from an “amazing” historical bull market. Informing his interviewer that in his 47 years of trading, he had never seen a bull market like Bitcoin. He predicted that Bitcoin will break out of its current trading range “sometime” in the future, resulting in another significant rise.

Despite the hopeful forecast, the seasoned trader predicted that Bitcoin’s price would stay stuck for the time being, noting that BTC was “just sort of stuck in the mud.” Brandt also predicted Bitcoin’s possible decline, stating that BTC may fall below $28,000, ending in a capitulation event:

We could move back down and really investigate the bottom end of this trading range at $28,000, maybe even take a look below it and see if there is any panic selling. Finally, despite a year of no price change, Brandt believes that Bitcoin’s long-term trend is higher.

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Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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