Veteran trader and analyst Peter Brandt has called Balaji Srinivasan's prediction of a $1 million Bitcoin price within 90 days "stupid." At the same time, he didn't rule out that the controversial entrepreneur might get lucky.
Srinivasan's bet has been met with skepticism and criticism from various members of the global investment community, including renowned scholar and risk analyst Nassim Nicholas Taleb, who labeled it a "lunatic" move.
The bold prediction from the former a16z partner and Coinbase CTO comes as Bitcoin's price recently surpassed $28,000, fueled by the ongoing crisis in the banking sector that led to speculation about a dovish Federal Reserve U-turn.
The largest digital asset reached levels not seen since June 2022, with its price soaring by an eye-popping 70% since the start of the year.
Brandt also weighed in on the recent CME gaps in Bitcoin's price. CME gaps refer to the price difference between the closing price of a financial instrument on the Chicago Mercantile Exchange (CME) and its opening price the following day. These gaps can potentially influence the price of Bitcoin as traders may attempt to capitalize on the difference.In a tweet, the legendary trader pointed out two significant unfilled gaps at the $19,000 level and encouraged "hot shot young guns" to go short on Bitcoin. This suggests that Brandt believes there is potential for the digital asset's price to decrease in the short term.
Despite excessive optimism caused by the recent surge in Bitcoin's price, some experts remain skeptical about the digital assets's ability to extend its price rally. As the cryptocurrency market continues to experience volatility and uncertainty, traders and investors should exercise caution when making predictions and placing bets.