Progress in 2020 has turned Bitcoin bullish, says Brandt, who now recommends potential investors hold up to 20% of their portfolio in the cryptocurrency.
Bitcoin (BTC) investors who are waiting for a price dip to even $6,000 have “missed” their opportunity already, veteran trader Peter Brandt says.
In a market discussion with Cointelegraph on Jan. 17, the 40-year market stalwart said that contrary to what some believe, BTC/USD has already hit its floor.
Brandt: “The weak hands are out”
“They all now want to sit and buy a break back to $6,000 or $5,000 and they’ve missed the bottom — and during that bottom, I think you had a lot of people accumulate with strong hands,” he summarized.
“The weak hands are out; the strong hands own it.”
As a long-time Bitcoin advocate, Brandt was continuing a bullish streak he began on social media earlier this month.
As Cointelegraph reported, his personal sentiment has undergone a change since late 2019 — as recently as December, he had warned there remained a chance for Bitcoin to put in lower lows in 2020 thanks to novice investors he described as “cryptocultists.”
In early 2018, one month after Bitcoin reached its all-time highs of $20,000, Brandt warned markets would not be going any higher, and that an 80% retracement was likely. BTC/USD hit local lows of $3,100 — 84.5% lower — a year later.
Now, however, the danger has subsided, Brandt suggested, in comments echoed in the discussion by fellow trader Alessio Rastani.
“Anybody” should have 10-20% BTC portfolio
“I think anybody who is interested in what Bitcoin has to offer has to have at least 10-20% of an ownership position relative to the capital that they could commit to Bitcoin in a bigger perspective,” he advised.
Bitcoin has sealed monthly gains of around 35%, with 2020 progress alone at 25%. Markets reached local highs of $9,000 on Friday, before encountering resistance, which coincides with the 200-day moving average price, something which has historically stifled bullish progress.
The latest statistics meanwhile suggest that interest in Bitcoin extends beyond lay consumers — volume surges on futures markets signal institutional commitment as well, commentators have said.
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