Veteran trader Peter Brandt, who rose to legendary status after calling Bitcoin’s (BTC) collapse in 2017, looks to the crypto king’s history to determine whether his months-long bull run is over.
Brandt tells his 719,800 followers on social media platform
According to the veteran trader, Bitcoin’s latest monthly candle is similar to that of late 2020, when BTC rose above its previous all-time high of $20,000.
“Keep in mind that huge monthly bars are usually ‘beginning’ or ‘take-off’ candles, or ‘ending’ or ‘blow-off’ candles.
I bet this is a ‘beginner’ candle. Note the bars at the end of 2020. BTC.
For example, Oct 2021 was a blow-out candle.”
But if we look beyond the charts, Brandt believes that Bitcoin and other risky assets like stocks are soaring because investors believe the dollar is being destroyed by the US government through massive debt accumulation.
“Crude oil breakout.
Gold ready for massive breakout.
Stocks to new highs.
Bitcoin rises BTC.
WHAT IS HAPPENING IN THE WORLD?
This is all about the destruction of the US dollar. Analysts tell us to be bearish on stocks because of the US debt burden.
Quite the opposite. Owning stocks IS the same as going short in the US. Being long on any asset – works of art, diamonds, real estate, cryptos, stocks, you name it – is short playing the US dollar.
This is also reflected in inflation. This is what the destruction of the US dollar, USD and other fiat currencies looks like.”
At the time of writing, Bitcoin is trading at $61,890. Meanwhile, US national debt is at record levels, to sit at $34.47 trillion.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on Tweet, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: DALLE3