Peter L. Brandt, who is one of the world’ most respected classical chartists, is predicting another strong rally at “some point” in the future for Bitcoin once the cryptoasset can finally break free of its current trading range.
In 1990, Brandt, who has been a commodity trader since 1976, published the book Trading Commodity Futures with Classical Chart Patterns. Then, in 2011, John Wiley and Sons published his second book, Diary of a Professional Commodity Trader, which “became Amazon’s #1 ranked book on trading for 27 weeks.”
This is what Raoul Pal, Co-Founder and CEO of Real Vision, says about Brandt:
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“Peter is simply one of the very best and most experienced classical chartists in the world. His analytical, pure chart-driven approach to trading and risk management is clear, understandable and actionable. Real Vision has had the honor of featuring Peter’s work and his content remains one of the most talked about and enjoyed by our subscribers. I can not recommend his work enough.“
Brandt, who correctly predicted the market meltdown for Bitcoin and cryptoassets in 2018, has been putting Bitcoin’s charts in context following the massive price rally over the last two years.
During a recent interview with StockCharts, Brandt explained that Bitcoin is currently stuck in a “big trading range,” but has still benefited from a historical bull market, which the trader called “incredible.”
Brandt told his interviewer that he had never seen a bull market like Bitcoin in his 47 years of trading.
As reported by The Daily Hodl, he said:
But you know we deserve to be in a trading range here because, after all, from the March 2020 low into the April 2021 high, we saw the market go up 17x. And so we’re just taking a breather.
Brandt predicted that Bitcoin would manage to break out of its current trading range at “some point,” in the future, spurring another strong rally.
Despite the bullish prediction, the veteran trader said Bitcoin’s price would remain mired for now, explaining that BTC was “just kind of stuck in the mud.” Brandt also gave a forecast for Bitcoin’s potential downside, predicting that BTC could fall to $28,000, resulting in a capitulation event:
We could go on back down and really explore the lower end of this trading range at $28,000, maybe even take a peek below it and get some panic selling.
Ultimately, Brandt says that Bitcoin’s long-term trend is upward, even after a year of little price movement.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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