A widely-followed veteran trader who’s known in the crypto space for calling Bitcoin’s big crash in January of 2018 is unveiling the key fundamental driver that will fuel Bitcoin’s bull market.
Peter Brandt tells his 435,100 Twitter followers that he believes Bitcoin, along with other assets, will continue to thrive in bull territory in the face of US dollar debasement.
“The devaluation of the purchasing power of the U.S. Dollar DX_F has only just begun. This is why Bitcoin BTC, real estate, U.S. equities and commodities will continue to trend higher when expressed in USD fiat terms.”
Brandt’s latest analysis comes after the U.S. Senate passed President Biden’s Covid stimulus package to the tune of $1.9 trillion. Bitcoin bull Anthony Pompliano says the relief package will have a massive impact on the value of the US dollar and Bitcoin.
“Thinking the dollar is stable in purchasing power terms is completely insane. 40% of all dollars in circulation will be created in 12 months after this $1.9 trillion… Purchasing power is drastically down. Compare dollars to stocks, real estate, goods, services, Bitcoin, etc… The US Senate just agreed to reiterate to the world why Bitcoin is important and valuable.”
In the short-term, Brandt believes that Bitcoin is en route to a new all-time high.
“Two charts to carefully watch in the days ahead. ES_F S&Ps ‘V’-extended bottom. New highs ahead.
BTC inverse head and shoulders pattern. New highs ahead.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Lightspring