Veteran Trader Peter Brandt Warns Bitcoin’s Price Corrections Can Be Lengthy – Bitcoin price corrections have lasted months in the past, according to veteran trader Peter Brandt, and it may take some time for the cryptocurrency’s price to reach another all-time high.
He criticized proponents of bitcoin for incessantly pushing the cryptocurrency regardless of its price. Last Thursday, veteran trader Peter Brandt warned investors that the price of bitcoin could take some time to achieve another all-time high.
Since 1975, Brandt has been a future an FX career trader. He is the author of the Factor Report and a chartist. He trades Dow futures, bonds, corn, crude oil, European wheat, Osaka Dow, US dollar, and sugar, among other markets.
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He criticized proponents of bitcoin for incessantly pushing the cryptocurrency regardless of its price. “Cheerleaders who consistently beat the drums of ‘to the moon’ are doing a big damage to BTC investors,” the trader explained on Twitter.
Corrections can take a long time. The message should be one of long endurance rather than constant hype.
With his tweet, Brandt also attached a chart showing major bitcoin price highs and the number of months it took to surpass them. He specifically mentioned that it took BTC 21 months to achieve the next new high in 2013, 40 months in 2017, and 36 months in 2020 to reach the next new high.
According to data, the price of bitcoin reached an all-time high of $68,892 on November 9 last year. It has dropped by more than 42% since then. BTC is now worth $39,933 at the time of writing.
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Veteran Trader Peter Brandt Warns Bitcoin’s Price Corrections Can Be Lengthy – Brandt did not provide a time estimate for when BTC will reach the next new high. The seasoned trader, on the other hand, recently revealed his “scared trading rule,” which is to “Never add to a losing trade.”
Bitcoin will reach $94K this year, according to a panel of finance experts at Finder.com. BTC’s price is expected to reach $192,800 by the end of 2025, and $406,400 by 2030, according to the panel.