Veteran dealer Peter Brandt, who gained legendary standing after calling the 2017 Bitcoin (BTC) collapse, predicts that the crypto king will tower over all different asset courses in the long term.
Brandt tells his 696,800 Twitter followers that he believes Bitcoin will ultimately emerge from the thumb of shares and gold, which have a historical past of being correlated to the worth motion of BTC.
The dealer takes his prediction a step additional and says that with sufficient time, Bitcoin would be the one setting the tone for different asset courses.
“BTC’s correlation to different markets is a non-starter. BTC will probably be on the high of the meals chain. That’s the one factor that issues…
(It) does not likely matter how BTC correlates to gold, shares, the financial system (or) no matter. What issues is how all these issues correlate with Bitcoin.”
Brandt additionally says that it’s only a matter of time earlier than US regulators approve a spot-based Bitcoin exchange-traded fund. Nevertheless, he believes the approval will doubtless be a sell-on-news occasion.
He additionally holds the identical view for the upcoming Bitcoin halving slated for April 2024.
“The inevitable OK of a BTC ETF within the U.S. will probably be a non-event. BTC halving will probably be a non-event. Markets low cost prematurely…
Over 48 years of hypothesis, I’ve discovered many times that markets low cost occasions earlier than the occasions are occasions. If something, it could possibly be a ‘purchase the rumor promote the actual fact.’”
Just lately, the dealer shared a chart suggesting that Bitcoin is presently buying and selling in a flag after breaking out from an inverse head and shoulders reversal sample, indicating that BTC is now not in a downtrend.
A flag is often seen as a continuation sample suggesting that an asset is presently consolidating previous to its subsequent leg up.
At time of writing, Bitcoin is buying and selling for $29,322.
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