Peter Brandt, an analyst who has previously been on the agenda with Bitcoin predictions, has now set the time when the largest cryptocurrency by market cap will break the all-time high record (ATH). Here are the latest Bitcoin statements of the famous trader…
Peter Brandt expects record level for Bitcoin these times
Senior trader and analyst Peter Brandt has once again reacted to former Coinbase CTO Balaji Srinivasan’s recent $1 million Bitcoin price in 90 days. cryptocoin.com As we reported earlier, Brandt called this prediction “stupid”. However, he has now made his own prediction for BTC’s new record high. With the cryptocurrency market still experiencing a bear season and Bitcoin hovering at $27,000, Peter Brandt lowered his prediction for Bitcoin. According to him, the world’s most popular cryptocurrency is 12 months away from its all-time high.
Peter’s prediction came in response to a tweet from crypto writer and analyst Cheds. In response to Balaji Srinivasan’s $1 million BTC price prediction, Cheds said that the BTC price may not approach $50,000 in the next 90 days. “In case you were wondering: BTC is unlikely to even come close to 50,000 in the next 90 days, let alone $1 million,” he said. Yesterday, Peter Brandt challenged BTC investors to short sell. Veteran trader Peter has criticized Bitcoin traders who only make decisions based on gap formations on the Bitcoin Chicago Mercantile Exchange (CME).
Brandt criticizes traders with CME loophole
To understand what a CME gap is, one must first understand how the CME works. While crypto can be traded around the clock on crypto exchanges, it’s worth noting that the CME shuts down over the weekend and parts of the day. So, during this break, the futures price on the CME stabilizes, while the price of Bitcoin continues to move on the spot exchanges. When the CME opens, a gap is created to catch the spot price. This gap is what is known as the CME gap.
As a result, the gaps identified by Brandt are the result of Bitcoin’s impressive rallies over the past two weeks. In particular, traders are often wary of these gaps as they tend to fill, implying a potential correction or reversal. However, this isn’t always true, as even Brandt points out in the comments.
BTC soars since banking crisis
As of the time of this writing, Bitcoin is trading at $27,472. That marks a 25 percent increase over the past week amid bear season and the global banking crisis. It’s also worth noting that the BTC price has increased by 45 percent since the SVB collapse, according to a tweet from Galaxy Research’s Alex Thorn yesterday.
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