Peter Brandt, a well-known trader and author of a trading book, expressed his opinion on the cryptocurrency market, stating that many traders are misguided in their attempts to predict prices.
Who is Peter Brandt?
Peter Brandt is a trading veteran since 1975 when he started trading commodities. He has over 803,000 followers on X and has been named among the 30 most influential people in the finance industry. Despite not having a finance education, his reputation as a respected chart analyst has been built over time.
Crypto and His Predictions
Brandt believes that attempts to predict cryptocurrency prices can be a self-deception rooted in emotions. He asserts that the only useful application of price charts is being able to see where the price has been and where it is now. In his opinion, opinions on future prices should be formed based on asymmetric risks. He noted: "Give me a point where I can risk $1 and possibly make four."
Thoughts on Bitcoin Trends
Brandt also argues that the current Bitcoin bull market may end sooner than many expect. He believes that previous cycles show that each subsequent bull market yields smaller returns, despite overall market optimism. He further noted that speculations on price may be unrealistic, urging traders to avoid being emotional in their decisions.
From Peter Brandt's perspective, price predictions for cryptocurrencies are often not based on facts and can mislead traders. An analytical approach and understanding of the market are what truly matter.
