The veteran trader Peter Brandt is most well-known as the man who predicted Bitcoin’s all-time high of $20,000. Now, however, Brandt is back in the news. Specifically, he is now saying that Bitcoin’s price has hit the “bottom”.
Brandt: “Bitcoin has hit its bottom”
This new statement came in a recent market discussion with the crypto news outlet Cointelegraph on January 17th. Moreover it saw Brandt state that the BTC/USD price had already hit its bottom. As such, any Bitcoin investors who are waiting for a price dip to $6,000 have “missed” their opportunity.
Moreover, Brandt’s reasoning strongly relates to the concept that investors with “strong hands” have now entered the market. As such, the investors who already bought Bitcoin during its dip will be the winners as the price increases again.
Brandt summarized this by stating how the investors who were “waiting” for Bitcoin to increase in price, but simultaneously did not buy into the cryptocurrency, have essentially missed their chance.
“They all now want to sit and buy a break back to $6,000 or $5,000 and they’ve missed the bottom — and during that bottom, I think you had a lot of people accumulate with strong hands. The weak hands are out; the strong hands own it.”
“Anybody” should own 10% – 20% Bitcoin
Although Brandt has been talking about Bitcoin for years, he is by no means a Bitcoin “permabull”. Rather, he recently said that there is substantial risk in the Bitcoin market. In December of 2019, he was warning that Bitcoin could potentially see “lower lows” in 2020, due to “cryptocultists”.
Nevertheless, Brandt’s rise to fame is undoubtedly his call on Bitcoin’s $20,000 high. Specifically, roughly two years ago Brandt began warning that the crypto market would not go any higher. This was at the same time as Bitcoin was trading at roughly $20,000.
As such, Brandt’s word carries substantial weight in the cryptocurrency community. In noting that Bitcoin has now hit its “bottom”, Brandt advises other investors to make sure to carry it. Additionally, he says that people should have “at least” 10% to 20% of Bitcoin holdings.
“I think anybody who is interested in what Bitcoin has to offer has to have at least 10-20% of an ownership position relative to the capital that they could commit to Bitcoin in a bigger perspective.”
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.