{"id":8436,"date":"2022-02-20T05:53:22","date_gmt":"2022-02-20T05:53:22","guid":{"rendered":"http:\/\/egrowonline.com\/?p=8436"},"modified":"2022-02-20T05:53:22","modified_gmt":"2022-02-20T05:53:22","slug":"veteran-trader-peter-brandt-warns-bitcoins-price-corrections-can-be-lengthy-markets-and-prices-bitcoin-news","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=8436","title":{"rendered":"Veteran Trader Peter Brandt Warns Bitcoin’s Price Corrections Can Be Lengthy \u2013 Markets and Prices Bitcoin News"},"content":{"rendered":"


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Veteran trader Peter Brandt has warned that bitcoin\u2019s price corrections have taken many months in the past and it may take some time for the price of the cryptocurrency to hit another all-time high. He criticized bitcoin\u2019s proponents for constantly hyping the crypto regardless of the price.
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Peter Brandt Warns It May Take Some Time for Another Bitcoin Peak<\/h2>\n

Veteran trader Peter Brandt cautioned investors Thursday that it could take some time for the price of bitcoin to reach another all-time high.<\/p>\n

Brandt has been a futures and FX career trader since 1975. He is a chartist and the author of the Factor Report. He trades a variety of markets, including Dow futures, bonds, corn, crude oil, European wheat, Osaka Dow, U.S. dollar, and sugar.<\/p>\n

He criticized bitcoin\u2019s proponents for constantly hyping the cryptocurrency regardless of what the price is doing. \u201cCheerleaders who constantly beat the drums of \u2018to the moon\u2019 are doing a huge disservice to BTC<\/a> investors,\u201d the trader tweeted, elaborating:<\/p>\n

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Corrections can be lengthy. Long endurance, not constant hype, should be the message.<\/p>\n<\/blockquote>\n

Brandt also included a chart with his tweet showing major bitcoin price highs and the number of months to exceed them. Specifically, he pointed out that it took 21 months for BTC<\/a> to reach the next new high in 2013, 40 months in 2017, and 36 months in 2020.<\/p>\n

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Peter Brandt\u2019s chart showing how long it took for bitcoin\u2019s price to reach another peak in the past. Source: Peter Brandt<\/figcaption><\/figure>\n

The price of bitcoin hit an all-time high of $68,892 on Nov. 9 last year based on data from Bitcoin.com Markets. Since then, it has fallen more than 42%. At the time of writing, the price of BTC<\/a> is $39,933.<\/p>\n

Brandt did not offer an estimate of how long it will take for BTC<\/a> to hit the next new high. However, the veteran trader recently shared his \u201cscared trading rule<\/a>,\u201d which is to \u201cNever add to a losing trade.\u201d<\/p>\n

According to a panel of fintech specialists at Finder.com, bitcoin will peak at $94K<\/a> this year. By the end of 2025, the panel believes BTC<\/a>\u2019s price will reach $192,800 and $406,400 in 2030.<\/p>\n

Meanwhile, global investment bank Goldman Sachs has warned that the price of bitcoin is vulnerable<\/a> to the Federal Reserve hiking interest rates. In January, Switzerland\u2019s largest bank, UBS, warned of crypto winter<\/a>. Nonetheless, global investment bank JPMorgan has a long-term price prediction<\/a> of $150K for BTC<\/a> but estimated its fair value to be $38K.<\/p>\n

What do you think about Peter Brandt\u2019s warning? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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