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Veteran Trader Peter Brandt Says Crypto Market Is Unpredictable Right Now

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Mon, 16/01/2023 - 8:38
Veteran Trader Peter Brandt Says Crypto Market Is Unpredictable Right Now
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One of the most experienced traders in the cryptocurrency community believes no trader or analyst can predict the next moves of the digital assets industry, considering the nature of the rally we are seeing now. However, the savvy trader still delivered his analysis to the CT community.

Brandt's vision

According to the technical analysis shared by Brandt, he believes in upcoming upward movement on Bitcoin, toward the $25,000 zone, and a retracing toward $17,000. Right after which a correction could occur ahead of a strong rally that would bring Bitcoin to new highs, up to $30,000.

In case Brandt's analysis is accurate, we are going to see Bitcoin trade well above $100,000 in less than a few years. However, as the experienced trader himself points out, there is no proper way to accurately predict the upcoming moves of Bitcoin or the cryptocurrency market in general.

By his statement, Brandt is most likely referring to the lack of fundamental factors that are usually considered bullish for the digital assets industry. Despite the statement made by Jerome Powell, the financial market has been rallying since the beginning of the new year. Considering Bitcoin's enormous correlation with stocks, an upward move is not unusual at this point in time.

Market reaction

Despite all the things the trader highlighted, the market is still showing upward momentum, though some of the assets are already signaling fading momentum, which could be considered as grounds for an upcoming correction downward.

Related

Technically, Brandt's statement is accurate, there is no analysis method that would allow us to distinctively choose a direction for the cryptocurrency market at this point in time or show us what is truly behind the rally we are witnessing.

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