Veteran Trader Peter Brandt Wakes Up Bitcoin Holders
Legendary Trader Peter Brandt May Not Be A Fan Of The “HODL” Mentality So Pervasive In The Cryptocurrency Industry
In a recent tweet, veteran trader Peter Brandt took a hit with Bitcoin “hodlers”, claiming there’s no point in holding onto the largest cryptocurrency for an extended period of time.
I am NOT a fan of Bitcoin hodling $BTC
Bitcoin has a history of 80% declines, 4 in 11 years
A hodler needs 400% each time to return to ATH
I hate having to make the same money over and over. Hard enough the first time
OK trolling, trolling pic.twitter.com/7xp158zTA9
— Peter Brandt (@PeterLbrandt) March 2, 2022
Brandt explains that he is not a fan of making the same money over and over. He estimates that the cryptocurrency would need to gain 400% to fully recover from an 80% withdrawal.
Bitcoin investors are usually hesitant to sell because of expected regrets. Moreover, trading is complicated, which is why many simply choose to stick to ‘hodling’. However, Brandt says Bitcoin’s cycle tops were “easily recognizable”. Therefore, given the clarity of the market tops, the chartist believes there is no point in risking an 80% correction for investors, stressing that the largest cryptocurrency is not a religion.
How do you recognize a top signal? In a separate tweet, Brandt claims that laser eyes, which Bitcoin fans used to add to their Twitter profiles in anticipation of the $100,000, could be your guide.
Bitcoin recovery falters
Bitcoin’s recovery has now stalled after the cryptocurrency hit $45,000. However, as reported by U.Today, Jurrien Timmer, director of global macro at Fidelity Investments, recently noted that the flagship cryptocurrency had formed a double bottom pattern, which could be a buy signal for traders.
Legendary trader John Bollinger also recently spotted a bullish pattern on Bitcoin’s weekly chart.
The flagship cryptocurrency peaked at $69,000 in early November and has yet to recover.