Peter Brandt, a prominent technical analyst and trader, has made headlines recently with his comments on Bitcoin and the cryptocurrency market. Senior trader and analyst Peter Brandt described Balaji Srinivasan’s Bitcoin price prediction, which pointed to a price of $1 million in 90 days, as “stupid”. At the same time, he did not rule out that the controversial entrepreneur could be lucky. Here are the details…
Bitcoin analyst criticizes $1 million forecast
Srinivasan’s claim has been met with criticism from various members of the global investment community, including renowned academic and risk analyst Nassim Nicholas Taleb, who described it as a “crazy” move. Brandt argued that such predictions are based on nothing but wishful thinking and there is no fundamental reason to believe that Bitcoin will reach such highs.
The bold prediction by the former a16z partner and CTO of Coinbase came as the price of Bitcoin recently surpassed $28,000 in a move fueled by the ongoing crisis that has prompted speculation about a dovish U-turn in the banking industry. As we reported as Kriptokoin.com, the price of the largest crypto asset has reached levels not seen since June 2022, with a dazzling 70 percent increase since the beginning of the year.
Meanwhile, it is worth noting that Bitcoin has formed an important close above the weekly horizontal resistance level. This indicates that the inverse head&shoulders graph pattern defined by Brandt last week is fulfilled. Time will tell how much the price will rise from here. According to some, Bitcoin price may continue its spike as it creates minor corrective patterns. Bitcoin investors appear to be super bullish as the uncertainty surrounding banks has led to speculation that the Fed will stall on rate hikes.
What does Brandt think about CME vacancies?
Brandt also weighed in on the recent CME gaps in Bitcoin’s price. CME gaps refer to the price difference between the closing price of a financial instrument on the Chicago Mercantile Exchange (CME) and the opening price the next day. These gaps could potentially affect Bitcoin price as traders may try to capitalize on the difference. In a tweet on March 19, Brandt argued that there is no statistical advantage to be gained from trading gaps, and that traders who focus on them are simply “wasting money”.
Two huge unfilled gaps. I encourage you hot shot young guns to go short $BTC pic.twitter.com/YVDiEhhifD
— Peter Brandt (@PeterLBrandt) March 19, 2023
In a tweet, the legendary trader pointed to two key unfilled gaps at the $19,000 level and encouraged traders to take short positions in Bitcoin. This shows that Brandt believes the price of the crypto asset has the potential to fall in the short term. Despite the extreme optimism caused by the recent surge in Bitcoin price, some experts remain skeptical about the ability of crypto assets to prolong the price rally. While Brandt is known for his bearish stance on Bitcoin’s long-term prospects, he acknowledged that the cryptocurrency has “changed the world” and will likely continue to be a major player in the financial industry.
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