A veteran technical trader who is known in crypto circles for accurately forecasting Bitcoin’s historic 2018 collapse say he just exited the crypto market.
Peter Brandt, CEO of the global trading firm Factor LLC, says he is selling most of his portfolio in stocks, the foreign exchange market, and BTC to move into the US dollar.
Clarify, not sure I understand. Personally I exited almost all my portfolio in last two days (stocks, forex, BTC), so in process moved assets back into home currency USD
— Peter Brandt (@PeterLBrandt) September 3, 2020
His reasoning? He thinks the U.S. market bubble is in its final stages before it pops.
“This is what I believe about the U.S. market: Fight the Fed at your own doom. Getting bearish too early can wipe you out. Market in final blow-off to 12-year bull market. Bubbles can expand further than anyone expects possible, then burst tragically. Great profits in final push.”
After five bearish months, the U.S. dollar index rebounded slightly (+0.5%) this week, MarketWatch reports. Gold and Bitcoin both responded negatively to that development, with BTC trading at $10,283 at time of writing, a decrease of almost 10% on the day.
Brandt has previously expressed optimism about Bitcoin’s long-term prospects. In February, one month before the Covid-19 outbreak in the United States, the trader said BTC was in a historic bull trend and was showing early signs that it could climb “a lot higher” than $100k.
“We can use this recent low that we’ve seen back in December that connects back to December 2018 as kind of now redefining the parabolic advance that could be in the process of developing now. And that has implications.
I don’t want to get too far ahead of myself because I can make an argument here that I’m not sure really can be made yet – that we’re going a lot higher than $100,000, and it won’t be until 2021.”
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