Peter Brandt Exits The Crypto Market Amidst Bitcoin’s Price Drop
It’s been recently revealed that an important technical veteran trader who is popular in the crypto space for accurately predicting Bitcoin’s historic 2018 collapse said he’s just exited the crypto space.
Peter Brandt said that he sold most of his portfolio in stocks, forex, and BTC to move to the US dollar.
Here’s the tweet that he shared:
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
The online publication the Daily Hodl also notes the reason for which Brandt did this move.
The US market bubble is in its final stages
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,” he said.
Brandt has previously expressed optimism about long-term prospects.
Back in February just one month before the massive pandemic outbreak in the US he said that BTC was in a historic bull trend and was showing early signs that it could go 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,” he was saying then.
He also said that “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.”
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.