- Peter Brandt’s company is going long on five top assets including Bitcoin.
- Brandt expects Bitcoin to hit $40K in the short term.
The trading company of Peter Brandt, Factor LLC is reportedly going long on Bitcoin and has already triggered speculation of a possible victory for the leading cryptocurrency. In a tweet not intended for the general public, Brandt disclosed that his company is taking five long positions including Bitcoin (BTC). Attached to the post was a chart that indicates that he expects the price to hit $40k. In a response to a user, Brandt stated:
Sorry, I accidentally tweeted this to my public Twitter feed. It was supposed to be limited to my private Twitter stream.
The chart indicates that Bitcoin has successfully formed a fulcrum bottom pattern from which the price took off recently. On April 10, he shared a 1-day chart and captioned it “Breakout.” It is believed that the surge above $29,200 provided enough grounds for Brandt to buy.
Heading to MN for the summer. Current Factor LLC positions with trailing stops
Long Nasdaq $NQ_F
Long Gold vs. YPY $GC_F $G6J_F
Long Bitcoin $BTC
Long Gold $GC_F
Long London Cocoa (not shown) $LCC_F pic.twitter.com/FH2o0LxZEz— Peter Brandt (@PeterLBrandt) April 13, 2023
The Fulcrum bottom resembles the shape of a simple lever. Analysts explains that the bottom is formed in a deep consolidation area following a prolonged downtrend. The formation shows a failing recovery taking place in the middle, followed by weaker recoveries before the final breakout.
It can be recalled that crypto analyst Ali Martinez shared the same pattern recently and predicted that BTC could hit $34k.
Bitcoin remains on course for $34,000 as the bullish megaphone pattern continues to dictate BTC’s trajectory!
Brandt’s earlier Bitcoin prediction
On March 20, Brandt tweeted that he expects Bitcoin to record a new all-time high in the next 12 Months.
All predictions are just guesses. My guess is that Bitcoin is 12 months away from new ATHs.
This is quite interesting as he also predicted that BTC may not get close to $50k anytime soon.
Dangerous to have opinions that are without fact. New ATHs in Apr-Jun 2024 would be very much in line with past cycles. The amt of disinformation in crypto is amazing to me.
On April 6, Bitcoin mining difficulty also recorded an all-time high after the mining difficulty was recently adjusted on its blockchain network. According to the report, the mining difficulty surged for the fourth consecutive time by 2.3 percent to reach 47.8 trillion.
As of April 11, the Crypto Fear and Greed Index was stuck in “Greed” scoring 68 out of the possible 100. Analysts have observed that the current level of market greed is similar to the previous level when Bitcoin recorded an all-time high in 2021.
After the previous rally, Marshall Beard, chief strategy officer at U.S.-headquartered cryptocurrency exchange Gemini predicted that Bitcoin could reach its all-time high this year and march on to $100k. Paolo Ardoino, chief technology officer at stablecoin issuer Tether, also believes that Bitcoin could retest $69k. Oliver Linch, CEO of Bittrex Global also thinks the rally across the crypto market indicates that people have not been freaked out by the banking system collapse.
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Bitcoin currently has a bullish sentiment with a trading price of $30,505.47. In the last seven days, the asset has surged by 8.6 percent.
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