August 24-26 will be a Critical Period for Bitcoin

11:38 am (65 days ago)

July 30, 2023

The adoption rate of Bitcoin, especially during the 2017 bull season, had increased significantly. However, it was followed by a major crash. Today, most popular investors in the market were introduced to the markets during the 2017 bull run. Now, the master trader who correctly predicted the start of the bear season and the price crash is analyzing the current situation.

Peter Brandt’s Bitcoin Commentary

Peter Brandt, the famous cryptocurrency trader who gained popularity after predicting the crash of Bitcoin (BTC) in 2017, says that the crypto king will outperform all other asset classes in the long run. Brandt shared his current market expectations with hundreds of investors.

The renowned trader believes that the cryptocurrency will eventually surpass stocks and gold.

“The correlation of BTC with other markets is not a starting point. BTC will be at the top of the food chain. That’s the only thing that matters. It doesn’t really matter how Bitcoin is related to gold, stocks, the economy, or anything else. What matters is how all these things are related to Bitcoin.”

The Future of Cryptocurrencies

Brandt also believes that the approval of a Bitcoin exchange-traded fund (ETF) based on the spot price by US regulators is only a matter of time. However, he thinks that the approval will likely trigger a sell-off event based on news. He also holds the same opinion for the Bitcoin block reward halving scheduled for April 2024.

“I believe that a BTC ETF in the US will inevitably be approved. In my 48 years of speculation, I have repeatedly learned that markets evaluate events before they happen. If there is anything, it could be ‘buy the rumor, sell the fact’.”

Recently, the trader shared a chart showing that Bitcoin is currently trading in a flag pattern after breaking out of a reverse head and shoulders formation, indicating that BTC is no longer in a downtrend.

A flag is typically seen as a continuation pattern that indicates consolidation before the next rise of an asset.

Disclaimer: The information contained in this article is not investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research before making any transactions.

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