Legendary trader Peter Brandt may not be a fan of the “HODL” mentality so pervasive in the cryptocurrency industry.
Veteran Peter Brandt made a statement on Twitter, claiming that there is no point in holding the leading cryptocurrency for a long time and criticizing Bitcoin “hodlers”. Brandt said he’s not a fan of trying to earn the same money “over and over”. Bandt also estimates that the cryptocurrency would need to rise 400% to fully recover from the 80% drop.
Bitcoin investors are often hesitant to sell for fear of regret. Moreover, trading is complex, so many prefer to simply stick with “hodling”. But Brandt says Bitcoin’s cycle peaks are “easily recognizable.” Therefore, given the clarity of market tops, the chartist believes that the risk of an 80% correction makes no sense for investors, emphasizing that the largest cryptocurrency is not a religion.
Brandt says:
“BTC in hand I’m not a fan of holding Bitcoin has a history of 80% down 4 in 11 years A hodler needs 400% every time to get back to ATH. I hate having to earn the same money over and over. The first time is hard enough. Ok trolls attack!”
Will Bitcoin’s Recovery Continue?
Bitcoin’s recovery stalled after the cryptocurrency hit the $45,000 level. However, Jurrien Timmer, global macro director at Fidelity Investments, stated that the leading cryptocurrency has recently created a double-bottom pattern, which could be a buy signal for traders.
Legendary trader John Bollinger also recently saw a bullish pattern on Bitcoin’s weekly chart.
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