The same trader who previously called the $20,000 Bitcoin bull market now says that the Bitcoin winter is essentially over. In a recent interview with Cointelegraph, Peter Brandt reportedly said that “weak hands are out,” among other bullish statements.
Trader: Bottom is Behind Us
Brandt is best known for having called the $20,000 Bitcoin bull market, and predicting a massive collapse. Not long after he said as much, Bitcoin dropped and continued to drop for months.
However, Brandt says the bottom is long gone, having been in the $5,000 and $6,000 range. Brandt said:
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.
Times like our current market conditions bring about all kinds of predictions. Some traders lately have been calling for long-term bull action in the $100,000 range.
Whether that is even possible remains to be seen, with volatility shaking out some types of new trader.
As Brandt put it:
The weak hands are out; the strong hands own it.
Bitcoin recently saw some reinvigoration of the bull sectors, with gains in the hundreds of dollars. A short period over the weekend saw an elimination of some of that profit, but smart traders will have already taken profit anyway.
As far as Bitcoin goes, Brandt says “everyone” ought to have a small amount of it, if they have any interest in it.
Bitcoin is one asset that has historically performed better and better, year over year, for most of its holders.
The “buy and hold” strategy is more rewarding in Bitcoin than most other assets. A whole religion tied in with Bitcoin maximalism, called the “hodlers,” believes that spending Bitcoin or converting it before Bitcoin has completely taken over is a bad idea.
If the bottom has already been in for Bitcoin, then predictions of a $20,000 and beyond BTC are likely to start cropping up. Whether or not they will be filled this year will have a lot to do with wider market issues, including whether or not things like Libra actually onboard millions of new crypto users.