The man who called Bitcoin’s 2018 implosion is updating his outlook on BTC, Ethereum and XRP.
Veteran analyst Peter Brandt says he’s now extremely bullish on BTC and ETH, though he’s far less optimistic about XRP.
After recently stating that XRP needs to cling to the 21 cent level in order to prevent a fall to as low as 10 cents, Brandt expanded on the reasons why he’s bearish.
He says XRP remains in a descending channel dating back to late last year, and reiterated his concern that Ripple’s ownership and sale of the digital asset affects the market.
“I’m super bullish BTC and ETH. In 45 years as a career market speculator, I’ve come to discern the real deals from the possible scams.
I’ve only attempted to warn people that XRP is a manipulated market and a dead end.”
Brandt is back on the Bitcoin bandwagon after its rise to $10,000. He says the current macro environment is ideal for BTC given its hard supply cap of 21 million coins.
In a recent interview with Real Vision CEO Raoul Pal, Brandt spoke about his overall opinion on the future of the equities market. The veteran trader noted he is bearish on the S&P 500, saying he wants to sell every stock he owns.
“I guess I subscribe to the theory of where there’s smoke, there’s fire, or there’s definitely something hot going on. And we all know it’s tough to fade the Fed. You don’t wanna fight the Fed, and the Fed’s not only throwing the kitchen sink, they’re throwing everything in the kitchen — including a broken toaster — at this thing, and I’m just surprised that we’ve seen the rally that we’ve seen. So I see that the type of decline that we had… as really the possible beginning of a pretty serious decline. It’s all pretty much gone to script since this market has rolled over.”
Brandt says it’s likely the global economic picture will be as bad or worse than it was during the 2008 recession.
“If you strip out dividends, the break that we had in 2008, the S&P was down right around 54-55%, so you apply that to the S&Ps today and say certainly we can create just as negative global macro scenario today as we could back during the mortgage crisis. That takes the S&Ps back into the area of 1700.”
