Peter Brandt, a veteran commodity trader, is celebrating his 53rd anniversary as a trader this year. In honor of this, he posted a message on X making an optimistic prediction about bitcoin after the recent correction. Brandt started his career in 1971 at the New York Mercantile Exchange, where he traded silver coin futures contracts prior to 1964. Today, Peter Brandt also trades bitcoin and ethereum. But why is Brandt so bullish on crypto, and what targets does he have for the bitcoin price?
Bitcoin: the trade of a lifetime
In his https://twitter.com/PeterLBrandt/status/1786474327199887437 he describes bitcoin as “the trade of a lifetime”. According to him, there has never been a market like Bitcoin, and it may never return. Brandt believes bitcoin is an attempt to take over the global currency system in a hostile manner. He also praises the unique features of bitcoin: it cannot be hacked, it has a limited supply, it is accepted worldwide, it is traceable and transactions are almost instantaneous.
Brandt is critical of altcoins and meme coins
Although Brandt is positive about bitcoin, he is critical of altcoins and meme coins. He sees them as side effects that owe their existence to bitcoin. In the blog post he linked, he elaborates on the unique market of bitcoin and contrasts it with the “proliferations” of altcoins and meme coins.
The upward trend of the bitcoin price continues
Brandt also shared a chart showing the price history of bitcoin. This shows a series of parabolic rises. According to the chart, Bitcoin has continued to rise since its inception, and even major corrections have not broken the upward trend. The current bull run started in late 2022 and could lead to bitcoin’s price rising as high as $125,000 in the current bull run period.
