This morning the crypto space saw an altercation between veteran trader Peter Brandt and HEX founder Richard Heart.
Brandt took a swipe at Bitcoin “hodlers” in a recent tweet, arguing that holding the largest cryptocurrency for an extended period is pointless.
Brandt says he doesn’t like making the same money “again and over and over again.” To fully recover from an 80% drop, he thinks that the cryptocurrency would need to rise 400%.
Due to the possibility of regret, most Bitcoin investors are unwilling to sell. Furthermore, trading is complicated, which is why many people choose to “hodl.” The tops of Bitcoin’s cycles, on the other hand, were “clearly discernible,” according to Brandt. As a result, given the clarity of market tops, the chartist argues that risking an 80% correction for investors makes no sense, emphasizing that the largest cryptocurrency is not a religion.
How can a top signal be identified? Brandt claims that laser eyes, which Bitcoin aficionados added to their Twitter profiles in anticipation of the $100,000 threshold, maybe your guide in a subsequent tweet.
Is Brandt’s opinion of Bitcoin justified?
Brandt’s opinion on Bitcoin was met with critique. HEX founder Richard Heart was quick to respond to Brandt’s tweet. Heart’s remark was rather intelligent as he pointed out that volatility is what makes trading possible, and that’s how Brandt too makes his profits.
This was not the first time the two have engaged against each other. In September of 2021, Peter Brandt publicly apologized on Twitter for previously talking ill about alt-coins after it came to his notice that common investors made millions from it by investing early. He called himself a “dinosaur” in this game. To which, Heart replied “I forgive you”
Moreover, Fidelity Investments’ Jurrien Timmer, Director of Global Macro, recently remarked about Bitcoin, that the most important factor is where the demand curve is headed, and the answer, in his opinion, is to the top and right. Following a basic power regression curve, the number of Bitcoin addresses with a value greater than zero continues to rise.
Timmer has previously compared Bitcoin’s growth to S-curves in the past, such as mobile phone subscriptions and internet usage. This, he believes, is similar to Apple’s rise to network domination in the 1990s.
He also stated that Bitcoin has created a double-bottom pattern, which might be a buy signal for traders.
At the time of publication, BItcoin was trading at $43,215.16, down 2.4% in the 24-hour chart.