Trader Who Called $20K Bitcoin Top Calls For New Bottom

A lot of Bitcoin investors are waiting to see a price dip to even $6,000 even as BTC is stable in the $8,000 region. However, according to the veteran trader Peter Brandt, they have all “missed” their opportunity already. In a recent market discussion with one cryptonews outlet, the trader who called $20,000 top for BTC has predicted that the current price is the actual bottom.

As Brandt said, “the weak hands are out,” commenting:

“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. The weak hands are out; the strong hands own it.”

Known as a long-time Bitcoin advocate and the trader who predicted the top for Bitcoin, Brandt was continuing a bullish streak that he began on social media earlier this month. As we previously reported, his personal sentiment has undergone a change since late 2019 – as recently as December 2019, he had warned that there remained a chance for Bitcoin to put in lower lows in 2020 thanks to the novice investors which he described as “cryptocultists.”

In early 2018 and one month after Bitcoin reached its all-time highs of $20,000, Brandt warned that the markets would not be going any higher and that a 80% retracement was likely. BTC/USD at the time hit local lows of $3,100 which was 84.5% lower the year later.

General TA rule — violation of parabolic advance leads to 80%+ decline in value. If general rule is followed, BTC should retrace to <$4,000. Note: This Tweet does not make me a hater. pic.twitter.com/jDNI1osinU

— The Factor Report (@PeterLBrandt) January 22, 2018

Brandt is definitely the trader who called a lot of rallies and downfalls and predicted many scenarios. Now, he advises on the following:

“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.”

Meanwhile, the top cryptocurrency is gaining a lot of value – the Bitcoin price news show that there are monthly gains of around 35% now with the 2020 progress alone being at 25%. The BTC markets reached a price of $9,200 on Friday, before encountering resistance which also coincides with the 200-day moving average price, something which has historically stifled the bullish progress.

At press time, Bitcoin (BTC) is at $8,660 with a 5% decline on the day.