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Old-school commodities trader Peter Brandt has published an X post with a bullish prediction about the way he expects the BTC price to behave after the current correction.
Peter Brandt’s 50th trading anniversary
In the X post, Brandt shared that the current 2024 year is the 53rd anniversary of the first futures market trade. As this big anniversary arrives, the has praised the world’s flagship cryptocurrency as “the trade of a lifetime.” He wrote that “there has never been and may never be another market like Bitcoin.”
Brandt’s very first trade was futures contracts of pre-1964 Silver quarters and dimes, as the trader described it. The trade took place on the New York Mercantile Exchange in 1971.
Brandt also shares that during his lengthy trading career, he has traded various futures contracts “covering everything from Corn to Gold, treasuries to Copper, Sugar to Palm Oil, Lumber to Cattle, stock indexes to shelled eggs, Iron Ore to Idaho Potatoes.”
Over the past few years, he added Bitcoin to the assets he trades, as well as some other cryptos, like Ethereum. However, the trader often criticizes altcoins and BTC is the only crypto he believes in as an asset.
Savvy trader praises Bitcoin, bashes altcoins and meme cryptos
In a blog post linked to the tweet, Brandt emphasized the uniqueness of the Bitcoin market. As for altcoins and meme coins, he described them as “proliferations” that “owe their existence to Bitcoin.”
There are several things that make BTC unique, per Brandt. The first one is its non-hackable nature, as well as “limited quantity, globally accepted, trackable, almost instantly transactional.” Bitcoin’s price behavior is another important factor here, the trader says. Overall, he believes that BTC is “an attempted hostile takeover of the world’s currency system.”
Bullish BTC prediction — $125,000
Brandt also enumerated major Bitcoin price advances since its inception. The trader pointed out that Bitcoin’s advances are often parabolic in nature.
The Bitcoin chart shared by Brandt in his X post shows that Bitcoin has been rising irreversibly since the very beginning and event major corrections did not break the ascending BTC line. The current ascending period, per the chart, started in late 2022 and continues now. The price goal here is as high as $125,000.
