Peter Brandt, a highly successful cryptocurrency trader who has about 40 years of experience in commodity trading has taken yet another look at Bitcoin’s performance. On April 20, he pointed out what investors should expect if Bitcoin, Ethereum, XRP, Monero’s price decrements or increments. Nevertheless, the analyst is bullish about each of these.
Things are Looking Great for Cryptocurrencies at the Moment
According to Peter Brandt, things are looking great for cryptocurrencies at the moment, but there is still a need to throw in a benefit of the doubt. He, however, noted that the dominant trend will always have the upper hand when there is uncertainty. In his opinion, the current dominant trend is an upward price moment.
Brandt also threw highlights on what should be expected if Bitcoin trades sideways. He noted that if the virtual asset corrects to $4778, then that would be a yellow flag which could trigger a strong sell. Likewise, if Ethereum declines from its $172 price today to or below $151, then it would also be a yellow flag.
Price Performance of Other Crypto Assets Hinted On
Other crypto assets which were hinted on are Monero and XRP. In the case of Monero, Brandt held that its decline to below 60.00 would be a yellow flag. Ripple’s XRP, on the other hand, will have the strongest yellow flag of all if it declines below $0.3100. If it goes as far as $0.2800, then that ‘would be an outright SELL signal. For now I am holding strong, but one always needs to know where the exit doors are located,” he added.
Peter Brandt may have taken a look at the worst case scenario, but he is still bullish about these virtual assets. His charts also marked out the best case scenarios for each of these cryptocurrencies. In the case of Bitcoin, Ethereum, XRP, and Monero, these are $5,745.83, $309.20, $0.56, and $98.83 respectively.
Brandt Predicted Bitcoin’s 80 Percent Dump in Price in 2018
While Peter Brandt may be applauded for his bullish sentiments of recent, it can be recalled that he correctly predicted Bitcoin’s decline in price in January 2018. The analyst was confident at that time that Bitcoin will trade below $4,000 which was the case in December 2018.
BTCNN on March 2 also informed of Brandt’s prediction that Bitcoin will trade around $67,193. He further outlined that the most popular cryptocurrency will become a store of value to replace both gold and U.S. dollars. The price tag he had arrived at, was by dividing the gold held in reserve by central banks by Bitcoin’s total supply of 21 million.