Veteran Trader Peter Brandt Analyzes Bitcoinโs Bull Run
Veteran trader Peter Brandt, known for accurately predicting the 2017 Bitcoin (BTC) collapse, is now examining the current state of the cryptocurrency to determine if its multi-month bull run is coming to an end. Brandt believes that Bitcoinโs recent surge of approximately 45% indicates that the bull market is just beginning.
Bitcoinโs Monthly Candle
Brandt points to Bitcoinโs last monthly candle, which he compares to the one observed in late 2020 when BTC surpassed its previous all-time high of $20,000. He notes that significant monthly bars typically represent either โstartingโ or โtake-offโ candles or โendingโ or โblow-offโ candles. In this case, Brandt predicts that it is a โstartingโ candle, as opposed to a blow-off candle like the one seen in October 2021.
The Destruction of the US Dollar
In addition to analyzing charts, Brandt believes that Bitcoin and other risk assets, such as stocks, are surging due to investorsโ concerns about the US governmentโs massive debt accumulation and its impact on the value of the dollar. He argues that owning stocks or other assets is equivalent to being short on the US dollar. This perspective is reflected in rising inflation rates, which Brandt sees as a consequence of the destruction of fiat currencies like the US dollar.
Bitcoinโs Current Price and US National Debt
As of now, Bitcoin is trading at $61,890. Meanwhile, the national debt of the United States has reached a record high of $34.47 trillion.
Hot Take: Is Bitcoin Approaching a Blow-Off Top?
Veteran trader Peter Brandt analyzes Bitcoinโs recent performance and offers insights into the potential future of the cryptocurrency. He believes that Bitcoinโs bull market is just beginning based on its recent surge and the similarities to previous bullish periods. However, Brandt also warns about the impact of the US governmentโs debt accumulation on the value of the dollar and its potential consequences for Bitcoin and other risk assets.
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