The CEO of Factor LLC, Peter Brandt isn’t worried about Bitcoin’s recent slump. The development comes after several traders are painting a thorny picture predicting BTC to crash even further. However, Brandt doesn’t seem to be concerned about Bitcoin’s bearish momentum and played it out through his tweets.
The veteran chartists who made a fortune in the stock market did not predict a sharp decline in Bitcoin’s price. However, he did not rule out that it might not happen either. Bitcoin is struggling to get back on track in early 2022 despite showing decent gains at the end of 2021. BTC is hovering over the $42,860 mark and is down close to -9% in the day’s trade.
“Lot’s of backseat chartists are posting the H&S in $BTC. I don’t particularly like this interpretation for four reasons. 1. Up-slanted neckline 2. RS low is extended wick 3. H&S is extension of much larger congestion zone 4. No overlap between shoulders and area of head,” he tweeted.
Many believe that ‘charts’ are not an important factor in the crypto market and don’t play a decisive role in price predictions. Brandt spoke out against the belief calling it a “huge myth”. He stated that charts are more applicable to the crypto market than any other investment asset class.
Peter Brandt’s Tryst with Bitcoin and the Crypto Market
Brandt was previously against the crypto market but later hopped on the bandwagon. However, he wasn’t impressed with the new alt-coins segment that popped up like mushrooms and spoke against the tokens. Nonetheless, after he realized those common people who invested early in alt-coins made millions of dollars, Brandt publicly apologized on Twitter for his behavior.
He also stated that the traditional market should make way for the new and called himself a “dinosaur” in the game. He admitted that experienced stock market traders need to accept the fact that the crypto market is here to stay.
“I sincerely apologize for any disrespect shown to those who climbed aboard the alt-coin train early and have the gains to show for it. Congrats on a job really well done. You exemplify the best of a new generation of market speculators. I am a dinosaur in a new game,” tweeted Brandt.
At the time of publishing. Bitcoin was trading at $42,860 and is down -7.76% in the 24-hours day trade.