Experienced analyst Peter Brandt warned investors about Bitcoin. According to him, investors may be trying to catch a falling blade.
While the crypto market is slightly recovering from losses, legendary trader Peter Brandt, who started his career in 1976, said that it doesn’t make sense to add more to a losing position. Citing the great silver fall of the 1980s as an example, the analyst says that investors started to buy silver, which peaked at $50.35 when it entered a downtrend, but the metal continued to drop to $3.65.
https://twitter. com/PeterLBrandt/status/1479433011439362048
Brand underlines that the conditions are not the same and he does not say that the same thing will happen, and warns about Bitcoin, which has fallen by 40% from its peak. On the other hand, there was a specific reason for the collapse of silver. Nelson Bunker and William Herbert Hunt, heirs to the American oil giant H. L. Hunt, had to dump large holdings due to new COMEX limits after aggressively buying silver in the 1980s. Although Bitcoin’s movements are extremely unpredictable, the general opinion is that the USA will be crushed by interest rate hikes.
As of publication time, Bitcoin is trading at $41,951.