Bitcoin Supporters Criticism Who Says BTC Will Break 100K US Dollars, Peter Brandt: “Correction Could Take Long”

Bitcoin is predicted to experience a longer correction. (photo: Kanchanara/Unsplash)

JAKARTA – Amid the silence of Bitcoin supporters due to the bearish trend of BTC in recent weeks, veteran trader Peter Brandt, who is known for being a frequent critic of Bitcoin maximalists, warned investors that it may take some time for BTC to break its new all-time high (ATH). .

For your information Brandt has been a trader since 1975. He is a charter and also the author of the Factor Report. Brandt trades in various markets including the Dow Futures, bonds, US dollar, Osaka Dow and so on.

Reporting from Bitcoin.com News, Brandt criticized Bitcoin proponents because they are constantly campaigning for cryptocurrencies regardless of price conditions. Brandt calls Bitcoin proponents “cheerleaders”.

"Cheerleaders constantly beating the drums 'to the moon' are doing huge losses for BTC investors," Brandt said in a tweet.

Bitcoin $BTC - major highs and length to exceed themCheerleaders who constantly beat the drums of "to the moon" are doing a huge disservice to $BTC investorsCorrections can be lengthyLong endurance, not constant hype, should be the message pic.twitter.com/ sFonm3W4hp

— Peter Brandt (@PeterLBrandt) February 18, 2022

“Correction can take a long time. Long staying power, not constant hype, should be the message.”

Brandt also included a chart with his tweet showing the price of the main Bitcoin chart and the number of months BTC had to pass to break through his new ATH. Specifically, he points out that it took BTC 21 months to reach its next new high in 2013, 40 months in 2017, and 36 months in 2020.

However, Brandt did not offer an estimate of how long it would take BTC to hit its next new high. However, a veteran trader recently shared the “scary rule of trading”, namely “Never add to a trade loss.”

According to a panel of fintech specialists at Finder.com, bitcoin will hit $94,000 this year. By the end of 2025, the panelists believe BTC could reach 192,800 and 406,400 US dollars by 2030.

Meanwhile, global investment bank Goldman Sachs has warned that Bitcoin prices are vulnerable to the Federal Reserve's interest rate hikes. In January, Switzerland's largest bank, UBS, warned of a "crypto winter". In addition, the news of the war between Russia and the United States on the Ukrainian border also affects the performance of crypto prices.