A veteran trader who burst on the crypto scene after accurately calling Bitcoin’s 2018 collapse is updating his outlook on the top cryptocurrency.
Peter Brandt believes BTC appears to be forming an opportune pattern after its sharp bounce from $38,000 to above the $42,000 range.
The investor tells his 626,000 Twitter followers that the top digital asset by market cap is posting an “intriguing” technical setup.
His analysis shows BTC has now moved above a historic level of support and resistance at $41,757 while posting a higher low after hitting a bottom at around $33,500.
“Bitcoin has a very intriguing chart set up at this time. Getting ready to pull the trigger.”
The veteran analyst says that BTC is the king of digital assets and that traders who decide to rotate their BTC holding into other crypto assets might be kicking themselves in the future.
With that said, Brandt says he’s not a fan of “HODLing” (holding on for dear life) Bitcoin, as the volatile drawdowns can force traders to wait a long time for their positions to be in profit.
“I’m NOT a fan of hodling Bitcoin. Bitcoin has a history of 80% declines, 4 in 11 years
A hodler needs 400% each time to return to [all-time highs].
I hate having to make the same money over and over and over again. Hard enough the first time.”
BTC has displayed a high degree of price volatility this week as global markets continue to contend with the economic ramifications of the Russian-Ukrainian conflict.
On March 2nd, BTC was exchanging hands at a seven-day high of $44,151. On March 7th, it dipped to its week-low of $37,382 before abruptly skyrocketing 13% to $42,376 at time of writing.
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