Peter Brandt, a legendary investor recently had a discussion witrh CoinTelegraph regarding his opinion on the current bear market. Although Brandt has been trading traditional markets for almost fifty years, he praised Bitcoin (BTC).
In response to the conditions of the bear market, Brandt said that the best thing one can do in trading is keeping your funds intact. The American trader then added that while diehard fans of crypto see no good in fiat, those who had HODLed currencies issued by the government have been better off than those stubbornly deciding that BTC will reach $100,000.
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Interestingly, Brandt who currently has 234,000 followers on Twitter noted that Today’s active traders may miss the big moonshot when it comes, as a result of their penchant for making use of short-term indicators and viewing of the market on a daily basis.
Although, Brandt bashed the idea of trading or holding crypto in 2018, he explained that he’s becoming a long term holder and buyer of BTC. Talking about why he addresses Bitcoin from such a perspective, he said that he’s a bitcoin guy through and through, before stating that he has fault in the narrative of the asset.
Further confirming the fact that he doesn’t believe in altcoins, Brandt stated that he feels 98% – 99% of altcoins out there will end up becoming worthless, adding that his fellow pundits share the same belief.
When questioned about when the crypto market established a bottom, Brandt was so eager to give his insight on the topic. He explained that crypto markets are optimal for a charlist, as technical indicators actually gives good insight.
As such, he explained that, with his analysis as well as other indicators, he is calling for BTC to reach $2900, but sees multiple scenarios fleshed out.
First, he said Bitcoin might not hit the aforementioned figure, as $3000 is a very strong psychological level for long term crypto advocates. The other scenario is that, if BTC drops below $2900 with enough sell-side pressure, it is possible the asset could fall to $1200 over a medium-term period.