A veteran commodity trader with more than 30 years of experience in the markets is revealing his take on Bitcoin and XRP, as well as his recommended investment strategy for the next generation.
Peter Brandt is well-known in the world of crypto for correctly calling the start of Bitcoin’s seismic reversal in early 2018, right after the coin touched its all-time high of just over $20,000.
General TA rule — violation of parabolic advance leads to 80%+ decline in value. If general rule is followed, BTC should retrace to <$4,000. Note: This Tweet does not make me a hater. pic.twitter.com/jDNI1osinU
— Peter Brandt (@PeterLBrandt) January 22, 2018
Now, after Bitcoin’s precipitous fall to a low of $3,150 and its subsequent rise to its current price of about $9,300, Brandt says he believes Bitcoin is a buy.
Brandt is revealing the long-term strategy for building wealth that he recommends to family members. He places BTC on his list of top investments and says he’s bullish on tech stocks in the long run.
“I will give you the same advice I give my X Gen children and M Gen nephews and nieces. Buy a home – any home, but get into the housing market. Work two jobs if you need to.
Invest 10% of what you can afford in BTC. Invest monthly in quality tech and value stock ETFs.”
Brandt has previously stated that he believes Bitcoin is gearing up for a new parabolic rally that will target $100,000. However, despite the fact that large BTC bull runs have historically lifted the value of all cryptocurrencies, Brandt says he’s wary of XRP, giving traders a simple statement on where he thinks the fourth-largest cryptocurrency by market cap is heading.
“Don’t place your faith in XRP.”
Brand believes Ripple’s ownership of more than half of the total supply of XRP is a potential liability and says the coin has more room to fall after remaining flat in 2020.
At time of publishing, XRP is down 1.34% at $0.1882, according to CoinMarketCap.