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Popular Bitcoin analyst offers an unexpected perspective on cryptocurrency
Veteran investor Peter Brandt, known for Bitcoin analysts, took a different approach this time around the biggest cryptocurrency.
Peter Brandt claimed that the spot ETF situation and pre-halving price action, which has been seen as a turning point for Bitcoin for a while, will not have a significant impact on the crypto market.
The analyst shared his comments by highlighting 3 key developments for Bitcoin in his latest posts. Claiming that the spot Bitcoin ETF approval in the USA will not see a high demand contrary to the general opinion, Brandt thinks that the halving effect will also remain weak. Halving is seen as a factor that triggers a price increase in cryptocurrencies as an event that reduces the supply of Bitcoin. Also, historical data supports this thesis. However, Brandt thinks markets will ignore such events in the first place.
Rejecting the view that the Bitcoin ETF approval status will significantly increase the demand for Bitcoin, Brandt thinks that the big companies that control the market have already taken precautions. The experienced analyst, who said that he has seen many times in his 48-year trading history that the markets price the events before they happen, reminded him of the thesis of “buy what is expected, sell what is realized”. With this approach, Peter Brandt also rejected the speculative movement that would occur with a possible ETF approval.
In his latest view on Bitcoin, Peter Brandt claimed that the correlation of the largest cryptocurrency with other markets is negligible. Saying that Bitcoin is at the top of the food chain, Brandt argued that this is the only important factor.
Bitcoin registered a rapid rise towards the $30,000 band last month after BlackRock announced its ETF application. Then, while the attacks towards $31,000 remained weak, Bitcoin had more price action to disrupt its horizontal position this week.
Peter Brandt warns crypto money investors about high expectations, while offering a different perspective against the price movement that may occur contrary to the general opinion.
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