Peter Lewis Brandt is a magazine publisher, art collector, film producer, veteran trader, and owner of New York-based Brant Publications. His net worth is around $300 million at the moment. Brandt is also known for his insightful financial advice and chart projections for this field of study. In a recent interview with Real Vision Finance, he has predicted the massive bullish trend.
According to Brandt, Bitcoin can gain 260% momentum in the ongoing year based on its current logarithmic charts. The chart projections are very similar to the movement of 2017 when the currency was experiencing steady gains. In his opinion, Bitcoin has entered into a stage when it would swirl around or show volatility for a small duration before entering into the 2015-2017 bull curve, eventually.
Brandt Says the Bull wave for Bitcoin Still Preparing to Get into the Remaining 60% Thrust
The Brandt interview’s highlighted comment is about the 60% thrust fuel remaining in the bull rocket of Bitcoin. According to him, the top point of the 2015-2017 market run was comprised of 60% of the total bull movement for the flagship currency. The data is pointing towards the fact that Bitcoin is about to enter into the same pattern of appreciation again. Brandt has become a public advocate for Bitcoin.
He thinks that his old pursuit of the US dollar has been a wrong decision, and it would be better to switch his attentions to Bitcoin. As per him, the recent events of a pandemic have proven that the dollar, like other fiat currencies, is a very weak asset that has proven to be unreliable in the face of adversity time and again. According to him, most people do not realize the true strength and potential of a digital asset like Bitcoin, which has gone through four parabolic advances in only ten years.
Bitcoin Hodlers Showing Resilience over Holdings
The Bitcoin supply in major exchanges has hit a 3-month low. Many have been speculating about a possible bear trend for cryptocurrency. A few weeks earlier, it seemed that digital wallets with 1K Bitcoin have started to come to life. However, the current data from glassnode shows that, at the moment, most HODlers are showing diamond hands.
In previous bull waves- Bitcoin suffered a 50% crash when many Hodlers decided to cash in on their gains all at once. The current position of BTC at $55,000 is closely consolidated with its all-time high of $61K, which is a good market sign. At this point, Bitcoin is directly in competition with the fiat currencies and saw a slight dip when US bond yields touched the highest in over a year during last weeks. Nevertheless, as long as the price holds at $55K, the Bull run’s chances would remain intact.