Veteran trader Peter Brandt, who rose to legendary status after announcing Bitcoin’s (BTC) collapse in 2017, predicts that the crypto king will tower over all other asset classes in the long run.
Burns tells his 696,800 Twitter followers that he believes Bitcoin will eventually emerge from the thumb of stocks and gold, which have a history of correlating with BTC’s price action.
The trader takes his prediction one step further and say that given enough time, Bitcoin will be the one to set the tone for other asset classes.
“BTC’s correlation to other markets is a non-starter. BTC will be at the top of the food chain. That’s all that matters…
(It) doesn’t really matter how BTC correlates to gold, stocks, the economy (or) anything. What matters is how all of those things correlate with Bitcoin.”
Brandt also says it is only a matter of time before US regulators approve a spot-based Bitcoin exchange-traded fund. However, he believes the approval will likely be a resale news event.
He also has the same opinion about the upcoming Bitcoin halving scheduled for April 2024.
“The inevitable OK of a BTC ETF in the US will be a non-event. BTC halving will be a non-event. Markets discount in advance…
Over 48 years of speculation, I have learned time and time again that markets discount events before the events are events. At least it could be a ‘buy the rumor, sell the fact’.”
Recently, the trader shared a chart suggesting that Bitcoin is currently trading in a flag after breaking out of a reversed head-and-shoulders reversal pattern, indicating that BTC is no longer in a downtrend.
A flag is typically viewed as a continuation pattern suggesting that an asset is currently consolidating ahead of its next leg up.
At the time of writing, Bitcoin is trading at $29,322.
Don’t Miss Out – Subscribe to receive email alerts delivered straight to your inbox
Check price action
follow us on Twitter, Facebook And Telegram
Surf the Daily Hodl mix
Image generated: Midway through the journey
Featured image: Shutterstock/ImageFlow