Peter L. Brandt, who is one of the world’ most respected classical chartists and commodity traders, says that Bitcoin’s most recent price correction is “very mild” when compared to historical pullbacks.
This is what Raoul Pal, Co-Founder and CEO of Real Vision, says about Brandt:
“Peter is simply one of the very best and most experienced classical chartists in the world. His analytical, pure chart-driven approach to trading and risk management is clear, understandable and actionable. Real Vision has had the honor of featuring Peter’s work and his content remains one of the most talked about and enjoyed by our subscribers. I can not recommend his work enough.“
In a recent series of tweets, Brandt examined Bitcoin’s nearly 20% price correction from almost $65,000. The popular trader pointed out that Bitcoin’s bull cycles have historically tested the 18-week moving average, which he calculated to be around $46,600.
Brandt claimed it was unlikely Bitcoin would make such a severe pullback in the near term, but admitted that bitcoin has a “history of pulling surprises.”
Brandt attributed the recent price correction to the “Laser-Eyes” meme. Brandt says the chances of a crypto market correction are “directly related to the prevalence of laser eyes” seen in the bios of popular figures, such as MicroStrategy’s Michael Saylor.
Brandt had previously explained his theory during a conversation (earlier this month) with Laura Shin and Willy Woo.
He said back then:
“Over enthusiasm in any market is always a warning not to turn from a bull to a bear or to liquidate long holdings or it will liquidate an establish position, but it indicates that it’s gotten a little frothy… The more people put the laser eyes, you know at least the market’s going to get choppy for a while and stop going straight up… When people start pounding their chest in public, ‘I own Bitcoin. I own Bitcoin. Look at me. I have laser eyes.’ That’s always going to be a sign that the market is at least going to take a rest.”
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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.