Career commodities trader Peter L. Brandt is now claiming that Bitcoin is now hitting a “low point for this cycle,” according to a new TradingView post.
This call for a bear market bottom has already been met with skepticism, but given the spine-chilling accuracy Brandt has made in the past regarding his cryptocurrency bets, there could be more validity than investors are willing to accept.
Peter L. Brandt TradingView post calls for cycle low in BTC
Into a new one TradingView post currently trending on the editor’s picks section of the charting platform, career commodities trader Peter L. Brandt says cycle lows for the crypto market are happening “now”.
While Brandt does not directly indicate that the bottom has been reached yet, he does believe that Bitcoin’s behavior is “predictable” and should see strong progress after its recent drop of nearly 80%.
Burns called famous for an 80% drop in BTCUSD in late January 2018 after 2017’s parabolic advance was breached. At the time, Brandt called it a “general TA rule,” finally reaching his goal of under $4,000 some 11 months later in December of the same year.
A closer look at Brandt's analysis | BTCUSD on TradingView.com
What the career trader expects from Bitcoin in 2023 and beyond
“I don’t expect Bitcoin to run off to the upside, but rather run higher by late 2023/early to mid 2024 when the ATHs are retested,” he explained, sharing the chart above to justify the analysis.
The CEO of Factor LLC is a classic chartist and shares a 6 month bar chart in his TradingView post. Other visual cues supporting his analysis include the largest sales volume ever on the BTCUSD index chart.
Peter L. Brandt has built a polarizing reputation in the cryptocurrency community. The comments section is already taking jabs at the trader with 40 years of experience.
According to the CMT Associationfounded Brandt Factor LLC in 1980, but started ContiCommodity Services in commodities trading in 1976.
He has also been published as an author and released the book “Diary of a Professional Commodity Trader: Lessons from 21 Weeks of Real Trading” in 2011 – the same year he was named one of the 30 most influential people in finance by Barry Ritholtz .
Today, Brandt is one of the contributing analysts at Bitcoin.live, along with Bob Loukas and other well-known traders.