Veteran trader and renowned chartist Peter Brandt has doubled down on his bullish outlook for bitcoin. After raising his bitcoin price target for this bull market cycle to 0K, Brandt pointed to “huge monthly bars” on his bitcoin price chart, stating: “My bet is that this is a ‘starting’ candle.” Peter Brandt’s Bitcoin Bull Run […]
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Peter Brandt Raises Bitcoin Price Target to $200,000 for the Current Bull Market Cycle
Veteran trader Peter Brandt has provided an update on his bitcoin price prediction. He explained that the price target for “the current bull market cycle” scheduled to end in Aug/Sep next year has been raised from 0,000 to 0,000. Peter Brandt on Bitcoin Bull Market Cycle Peter Brandt provided an update on his bitcoin price […]
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Peter Brandt Warns Against Trusting SEC Chair Gary Gensler — Says He Has Long History of Not Protecting Investors
Veteran trader Peter Brandt has warned that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler should not be trusted. He stressed that Gensler “has a long history of not looking out for the interests of investors.” Brandt further emphasized that the SEC chairman “was instrumental in the bankruptcy” of a major company and was […]
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Peter Brandt Highlights Bitcoin Price Pattern Key to Keeping BTC’s Bull Trend Healthy
Veteran trader Peter Brandt has highlighted a bitcoin price pattern that frequently appeared in past major bull runs. “It is the Hump …Slump …Pump… Dump [HSPD] that keeps a bull trend healthy,” he explained, emphasizing: “Study past major bull runs in bitcoin and you will discover they were replete with HSPDs.”
Bitcoin Bull Runs and HSPD Pattern
Veteran trader Peter Brandt shared his observation about bitcoin’s price pattern he called the “Hump, Slump, Pump, Dump” (HSPD) on social media platform X Sunday.
“The old ‘Hump with a Slump then a Pump and a Dump’ is back — and this is the price behavior that separates Chumps from their money,” the trader described. “Study past major bull runs in bitcoin (BTC) and you will discover they were replete with HSPDs. The Chumps FOMO [fear of missing out] buy the Pump only to puke out their purchases with the Dump.” Brandt opined:
It is the Hump…Slump…Pump…Dump that keeps a bull trend healthy. Let’s see if HSPD works its magic once again.
Brandt regularly provides analysis of bitcoin’s price. He has also made several bullish statements about the cryptocurrency. On Jan. 18, he wrote on X: “I have a macro bias in bitcoin in a very broad sense — that BTC is a best candidate to be a tremendous store of value against the destruction of fiat.” On Jan. 6, he wrote: “Bitcoin is primary a store-of-value IMO and still has massive opportunities to appreciate. I think everything is junk, including ETH.”
However, the trader is skeptical about the impact of the Bitcoin halving on the price of BTC. On Dec. 21 last year, he explained on X: “The Bitcoin halving hype is a whole lot of excitement over nothing. Sure, halving hype might temporarily impact price. But the reduction of supply as % of daily volume is the size of a gnat’s ass.”
What do you think about Peter Brandt’s bitcoin price analysis? Do you think a bitcoin bull run is coming soon? Let us know in the comments section below.
Veteran Trader Peter Brandt Labels Bitcoin ETF a ‘Classic Buy the Rumor, Sell the News Event’
According to the veteran trader Peter Brandt, the current bitcoin exchange-traded funds (ETF) hype which has seen the “average guy on the street” clamoring to get may be a signal to experienced traders that it is time to sell them what they own. Brandt also characterized the expected approval of spot bitcoin ETFs as a “classic buy the rumor, sell the news event.”
Brandt Questions Maximalists’ Commitment to the Values of Bitcoin
Veteran trader Peter Brandt believes the expected approval of spot Bitcoin exchange-traded funds (ETF) to be a “classic buy the rumor, sell the news event.” Brandt explained that this conclusion is based in part on how the so-called bitcoin maximalists are eagerly awaiting the approval of spot bitcoin ETFs and his years of experience as a pro trader.
In traditional stock trading, the phrase “buy the rumor, sell the news” refers to a trading strategy that involves buying a security based on speculation about an upcoming event and selling it when the event is announced. Some observers believe the U.S. Securities and Exchange Commission’s (SEC) much-anticipated approval of spot Bitcoin ETFs qualifies as such an event.
In a post on X, Brandt discusses two observations he has made. He points out the irony of BTC maximalists being unfazed by what would amount to the government’s influence or interference with crypto markets.
“BTC maximalists have viewed one of the predominant values of BTC is that it was outside the control of government — that it was not dominated by the same financial playground that has ruined so many things. So, how is it that so many BTCoiners view the SEC and ETFs as the savior of their financial future,” Brandt quipped.
Time for Experienced Traders to Get out
Regarding the ETF hype that has propelled BTC to its highest USD value in nearly two years, Brandt likens this current scenario to a guide commonly used by “old-time” career traders like himself. According to this guide, when the average person is itching to get in, that is usually a signal to old-timers that it is time to get out.
However, the veteran trader still acknowledges that his observations about bitcoin ETFs could be wrong. Brandt, who has clashed with BTC maximalists in the past, also asks those “smarter” than him to share their thoughts on the subject.
Responding to Brandt’s post on X, social media user Abel Chris said he disagreed with the veteran trader’s assertions. According to Chris, if the SEC approves 10 or more spot Bitcoin ETFs, the direction of the crypto asset’s price will be up. He added: “We may never see bitcoin at the current prices again. The next phase will be countries adopting bitcoin to back up their currency.”
Another user, Cristian Palusci implied that Brandt’s assertions about ETFs only apply to the “average European or American kid.” For bitcoiners from other parts of the world, the ETF approvals are a non-event.
“They are only interested in the fact that thanks to #bitcoin they have access to a parallel financial system, which protects their savings from the devaluation of local fiat currencies,” Palusci said.
Do you agree with Peter Brandt’s comments about BTC maximalists? Let us know what you think in the comments section below.
Veteran Trader Peter Brandt Issues Scam Proprietary Trading Platform Warning
According to Peter Brandt, legitimate proprietary trading firms neither charge fees on traders nor impose “restrictions on trading style or markets.” The veteran trader branded as scams any prop firm that fails to adhere to the operating conditions that he outlined.
Legitimate Prop Firms
Veteran trader Peter Brandt has warned fellow traders to be on the lookout for scammers who project themselves as bona fide proprietary trading platforms. In a warning shared via X, Brandt listed some attributes of what he sees as “legitimate ‘we-fund-you’ prop firms.”
Here is how legitimate "we-fund-you" prop firms operate
-No fees charged to traders – EVER
-Actual real $ funding
-Set drawdown from initial funding level
-No restrictions on trading style or markets
Anything different than this is a scam IMO— Peter Brandt (@PeterLBrandt) December 29, 2023
Proprietary trading refers to a scenario wherein a financial institution uses its capital, rather than client funds, to conduct financial transactions, according to an Investopedia definition. Financial institutions sometimes use proprietary trading platforms when they wish to directly invest their funds. Legitimate prop firms allow investing parties to maximize their profits by keeping 100% of earnings generated via proprietary trades.
Brandt advised prospective traders to first determine if a prop trading platform is legitimate before deciding to use it. For the veteran trader, a legitimate prop firm should not charge fees to traders “ever” and should have actual real dollar funding. Furthermore, the firm must have a “set drawdown from initial funding level” and “no restrictions on trading style or markets.” Brandt concluded that “anything different than this is a scam IMO [in my opinion].”
However, not all of Brandt’s more than 700,000 followers on X were pleased with the veteran trader’s branding of anything that falls short of his standards as a scam. For example, one X user named Trader Nomad chastised Brandt’s no-fees claim.
“Peter I never heard of a prop that does not take a fee even the traditional one so… Please research before publishing it,” the user said.
We might not agree with the business model, but if the prop firm is giving payouts to successful traders then i dont see what the problem is . if anything we are given a opportunity which was only given to selected individuals just a few years back.
— Ray Trounday (@RayTrounday) December 29, 2023
Another user acknowledged that he does not agree with Brandt’s chosen business model, saying if the supposed scam “is giving payouts to successful traders then I don’t see what the problem is.” Still, others praised Brandt for revealing the distinction between legitimate and illegitimate prop trading firms.
What do you think of Peter Brandt’s comments on what passes as a legitimate prop trading firm? Let us know in the comments section below.
Brandt Bucks BTC Halving Hype, Vitalik’s Big Transfer, Spot Bitcoin ETF Developments, and More — Week in Review
Trader and financial analyst Peter Brandt says that BTC “halving hype is a whole lot of excitement over nothing,” while developments point to imminent SEC action on the spot bitcoin exchange-traded fund (ETF) front. In other popular news this week, Ethereum co-founder Vitalik Buterin makes a hefty ETH transfer to Coinbase, attracting attention and sparking debate. This and more just below in the latest Bitcoin.com News Week in Review.
Vitalik Buterin’s Million Ethereum Transfer to Coinbase Sparks Speculation
Monitoring of high-profile crypto addresses by onchain analysts has recently revealed that Ethereum co-founder, Vitalik Buterin, transferred 500 ETH, valued at slightly over million, to Coinbase. This action is part of a pattern, following Buterin’s previous transfers to exchanges in September and his assertion in October that he hasn’t “sold ether for personal gain since 2018.”
Seasoned Trader Peter Brandt Challenges Bitcoin Halving Hype Calling It a ‘Whole Lot of Excitement Over Nothing’
Recently, the seasoned financial analyst and trader Peter Brandt has been increasingly expressive about crypto assets, with a particular focus on bitcoin and ethereum. On Dec. 21, 2023, Brandt reaffirmed his stance regarding the anticipated Bitcoin reward halving set for April 2024. He contends that the halving is overly sensationalized and will only exert a temporary impact on bitcoin’s price.
SEC Makes ‘Rare’ Calls to Spot Bitcoin ETF Applicants — Analyst Says ‘Good Sign’ for January 10 Approval
The U.S. Securities and Exchange Commission (SEC) has reportedly made “rare” calls to spot bitcoin exchange-traded fund (ETF) issuers and exchanges regarding their applications. A Bloomberg ETF analyst views this development as a “good sign” for the expected approvals by Jan. 10. The securities regulator has insisted on the cash creation model, rather than the in-kind model, for spot bitcoin ETFs.
Tether Confirms Extensive Collaboration With DOJ, FBI and Secret Service
Tether, the stablecoin company, has confirmed it has collaborated extensively with a series of U.S government agencies, including the Department of Justice (DOJ), the Federal Bureau of Investigation (FBI), and the Secret Service. These team-ups are focused on making the stablecoin ecosystem safer for all participants and aiding law enforcement actions against bad actors.
What’s your take? Be sure to let us know your thoughts on this week’s stories in the comments section below.
Seasoned Trader Peter Brandt Challenges Bitcoin Halving Hype Calling It a ‘Whole Lot of Excitement Over Nothing’
Recently, the seasoned financial analyst and trader Peter Brandt has been increasingly expressive about crypto assets, with a particular focus on bitcoin and ethereum. On Dec. 21, 2023, Brandt reaffirmed his stance regarding the anticipated Bitcoin reward halving set for April 2024. He contends that the halving is overly sensationalized and will only exert a temporary impact on bitcoin’s price.
Veteran Trader Peter Brandt Dismisses Bitcoin Halving Buzz as Exaggerated Frenzy
Back at the end of July 2023, Peter Brandt had already conveyed his viewpoint, dismissing the forthcoming bitcoin halving as an inconsequential “non-event.” He reiterated this perspective on Thursday, taking to X (previously known as Twitter) to issue a statement about the halving event.
“The Bitcoin halving hype is a whole lot of excitement over nothing,” Brandt posted. Sure, halving hype might temporarily impact price, but the reduction of supply as % of daily volume is the size of a gnat’s ass.”
Brandt’s recent insights follow his X post about shorting ethereum (ETH), followed by his analysis of bitcoin (BTC). On Wednesday, Brandt observed, noting that it was “interesting to note that ETH has lost 36% in value against BTC in 2023.”
The following day, he addressed the perspective of some analysts who believe BTC is “terribly overbought.” However, Brandt highlighted that the 30-day relative strength index (RSI) is “currently at the sweet spot where previous bull markets have greatly accelerated their advances.”
Following Brandt’s remarks on the halving, several individuals responded. Colin Talks Crypto, a Youtuber, mentioned, “As I’ve said before, the halving events going forward are more likely to have [a] psychological impact than actual economic impact, as most tokens are in existence already,” suggesting that “This is why price volatility will reduce in the long term.”
Another commenter opined that bitcoin’s movement with economic cycles, like other assets, is not coincidental, contrary to the belief of Bitcoin maximalists. Looking ahead, Bitcoin is poised for its fourth halving event, expected in March or April 2024. With less than 18,000 blocks remaining until the halving, the block reward is set to decrease from 6.25 BTC to 3.125 BTC per block.
Historically, bitcoin’s price has typically risen in anticipation of its past three halvings. This trend of rising prices preceding halving events has historically generated significant interest and speculation within the crypto community. As the fourth halving approaches, the market’s response remains a focal point of anticipation and debate among investors and analysts alike.
What do you think about Peter Brandt’s opinion concerning the upcoming Bitcoin halving? Share your thoughts and opinions about this subject in the comments section below.
Veteran Trader Peter Brandt Shorts Ethereum, Signaling Potential Downturn
On Monday, veteran trader Peter Brandt took to the social media channel X (previously known as Twitter) to reveal that he had taken a short position on ethereum (ETH), the crypto market’s second-largest asset by valuation. He further shared a technical chart with his 707,000 followers on X to illustrate his strategy.
Brandt Takes Short Position on Ethereum, Suggesting Price Plunge
Since the beginning of 2023, ethereum’s value has surged by 85% in comparison to the U.S. dollar. This increase in ether’s price can be attributed to several key factors. The crypto community has been buzzing with talks of a potential spot ethereum exchange-traded fund (ETF) getting the nod from the U.S. Securities and Exchange Commission (SEC), fueling a bullish outlook in the market. Additionally, onchain analytics show a noteworthy uptick in ETH accumulation by major holders, or ‘whales’, signaling a positive shift in market dynamics.
In the past fortnight, however, ETH’s upward trajectory has plateaued, experiencing a minor 1.4% dip in its value against the greenback. On Dec. 18, 2023, veteran trader Peter Brandt, active in the markets since 1975, showcased an ETH/USD chart from Tradingview. Brandt stated, “Classical chart patterns in price charts are not sacred – they fail to perform according to the textbooks all the time,” Brandt wrote. “But, if the rising wedge in [ethereum] complies with the script, the target is ,000, then 0.”
Brandt added:
I shorted ETH on Friday — I have a protective [break-even stop].
Shorting in financial markets essentially involves a wager against the asset, in this instance ETH, and anticipating a decline in its value, which, if it occurs, results in profit from the short position. Echoing Brandt’s sentiment, Adamant Capital founder Tuur Demeester pointed to a chart illustrating ETH’s performance against BTC over five years. Colin Talks Crypto concurred, stating, “Supporting this is the fact that ETH/BTC looks horrible and soon to break down too. My guess is BTC ETFs are the straw that breaks this camel’s back.”
The ethereum (ETH) chart does display indications of a potential reversal, though the pattern in Brandt’s chart isn’t completely formed yet. Presently, there’s an observed bearish pattern marked by consistently flat lower highs and a succession of lower lows, suggesting that sellers are currently more assertive than buyers. Nonetheless, it’s common for crypto assets to experience periods of low trading volume during holidays, a situation bears might capitalize on. Consequently, it’s quite plausible that ether’s descending triangle formation might be a temporary phenomenon.
Brandt has been vocal about his views on crypto assets and economic matters for an extended period. In August, when discussing the impending Bitcoin halving, Brandt labeled the reward reduction as a “non-event.” Previously, in June, the experienced trader advocated for the U.S. Federal Reserve to increase the benchmark interest rate by 100 basis points. He also holds the opinion that bitcoin (BTC) is a legacy coin, while dismissing most other cryptocurrencies as mere “make-believe crypto wannabees.”
What do you think about Peter Brandt shorting ether? Do you agree with what he has said? Share your thoughts and opinions about this subject in the comments section below.
Pro Trader Peter Brandt Says Bitcoin Halving ‘Will Be a Non-Event’
Veteran trader Peter Brandt has said the upcoming bitcoin halving in 2024 and the “inevitable” approval of a Bitcoin ETF by the U.S. are likely to be non-events. Brandt claimed that while the top cryptocurrency’s correlation to other markets is a non-starter, bitcoin’s position on “top of [the] food chain” is the only thing that matters.
Spot Bitcoin ETF Approval ‘Inevitable’
Veteran trader Peter Brandt has said the much-anticipated Bitcoin halving event is likely to be a non-event because “markets discount in advance.” In his July 27 tweet, Brandt said he believes the “inevitable OK of a $BTC ETF [exchange traded fund] in the U.S. will be [a] non-event.”
Three things I believe about Bitcoin
1. The inevitable OK of a $BTC ETF in U.S. will be non-event
2. BTC halving will be a non-event
Markets discount in advance
3. BTC‘s correlation to other mkts is a non-starter. BTC will be top of food chain. That’s the only thing that matters pic.twitter.com/2l0CxAyZ4T— Peter Brandt (@PeterLBrandt) July 27, 2023
Brandt’s comments appear to contradict the forecasts by some bitcoiners who believe that the two events will drive up the price of BTC. To illustrate, price predictions on Changelly suggest that BTC will go past ,000 in 2024, the year the top crypto is expected to halve for the fourth time.
Bitcoin’s Sovereignty and Marxism
On the other hand, Brandt’s belief that the approval of Bitcoin ETFs is unlikely to drive up the cryptocurrency’s price appears to contradict the latest Coingecko data, which suggests that Blackrock’s ETF filing had propelled BTC in Q2, 2023. However, in his tweet, Brandt told his followers that the only thing that matters is bitcoin’s undisputed position as the number one crypto asset.
“BTC’s correlation to other markets is a non-starter. BTC will be top of food chain. That’s the only thing that matters,” the veteran trader concluded.
Meanwhile, in the same tweet, Brandt warned that the U.S. government will continue to fight against the freedom of citizens to own or use bitcoin. He said this would be consistent with Washington elites’ “desire for a neo-Marxist country where the federal govt is sovereign over all else.” Bitcoin, he said, “seeks its own sovereignty” and is therefore a foe of Marxism.
When asked why he is confident that spot Bitcoin ETF applications will get approval and about the top cryptocurrency’s fate, Brandt said the jury is still out.
What are your thoughts on this story? Let us know what you think in the comments section below.