Career commodities trader Peter L. Brandt now claims that Bitcoin is hitting a “low for this cycle now,” according to a new TradingView post.
This call for a bear market bottom is already being greeted with skepticism, but given the chilling accuracy Brandt has made regarding his cryptocurrency bets in the past, there could be more validity than investors are willing to accept. .
Peter L. Brandt TradingView Post Calls for Cycle Down on BTC
in a new TradingView Post Currently trending on the charting platform’s Editor’s Picks section, professional commodities trader Peter L. Brandt says that cycle lows for the crypto market are happening “now.”
Although Brandt does not directly state that the bottom has already been reached, he does believe that Bitcoin’s behavior is “predictable” and should see a strong advance after the recent nearly 80% drop.
Brandt called for an 80% drop in BTCUSD at the end of January 2018 after the 2017 parabolic advance was breached. Back then, Brandt called it a “rule of thumb for TA, eventually hitting its sub-$4,000 target.” about eleven months later, in December of the same year”.
A closer look at Brandt's analysis | BTCUSD on TradingView.com
What the career trader expects for Bitcoin in 2023 and beyond
“I don’t expect Bitcoin to go higher, but to run higher towards late 2023/early-mid 2024 when ATHs are retested,” he explained, sharing the above chart to justify the analysis.
The Factor LLCCEO is a classic chart, and in his TradingView post he shares a bar chart with a 6 month time frame. Other visual cues that help in your analysis include the increased sales volume on the BTCUSD Index chart.
Peter L. Brandt has earned a polarizing reputation in the cryptocurrency community. The comments section is already criticizing the trader with 40 years of experience.
According to the CMT AssociationBrandt founded Factor LLC in 1980, but entered the commodity trading business beginning in 1976 with ContiCommodity Services.
He is also a published author, launching the book “Diary of a Professional Commodity Trader: Lessons from 21 Weeks of Real Trading” in 2011, the same year he was named one of the 30 most influential people in the world of finance by Barry Ritholtz. .
Today, Brandt is one of the contributing analysts for Bitcoin.live along with Bob Loukas and other well-known traders.
