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Veteran dealer Peter Brandt, who gained legendary standing after calling the 2017 Bitcoin (BTC) collapse, predicts that the crypto king will tower over all different asset courses in the long term.
Brandt tells his 696,800 Twitter followers that he believes Bitcoin will finally emerge from the thumb of shares and gold, which have a historical past of being correlated to the value motion of BTC.
The dealer takes his prediction a step additional and says that with sufficient time, Bitcoin would be the one setting the tone for different asset courses.
“BTC’s correlation to different markets is a non-starter. BTC can be on the high of the meals chain. That’s the one factor that issues…
(It) does probably not matter how BTC correlates to gold, shares, the financial system (or) no matter. What issues is how all these issues correlate with Bitcoin.”
Brandt additionally says that it is just a matter of time earlier than US regulators approve a spot-based Bitcoin exchange-traded fund. Nevertheless, he believes the approval will possible be a sell-on-news occasion.
He additionally holds the identical view for the upcoming Bitcoin halving slated for April 2024.
“The inevitable OK of a BTC ETF within the U.S. can be a non-event. BTC halving can be a non-event. Markets low cost prematurely…
Over 48 years of hypothesis, I’ve realized many times that markets low cost occasions earlier than the occasions are occasions. If something, it may very well be a ‘purchase the rumor promote the actual fact.’”
Just lately, the dealer shared a chart suggesting that Bitcoin is at the moment buying and selling in a flag after breaking out from an inverse head and shoulders reversal sample, indicating that BTC is now not in a downtrend.
A flag is usually seen as a continuation sample suggesting that an asset is at the moment consolidating previous to its subsequent leg up.
At time of writing, Bitcoin is buying and selling for $29,322.
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Disclaimer: Opinions expressed at The Day by day Hodl usually are not funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal danger, and any loses you might incur are your accountability. The Day by day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Day by day Hodl an funding advisor. Please observe that The Day by day Hodl participates in online marketing.
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