Legendary trader Peter Brandt, known for predicting the 2017 Bitcoin crash, weighs in on the crypto king’s recent surge.
Bull Market Just Getting Started?
Brandt believes Bitcoin’s bull market is still in its early stages, despite a 45% surge in the past month. He compares the current monthly candle to one seen in late 2020, which preceded a breakout above $20,000.
Investors Fleeing Dollar
Brandt attributes the rise in Bitcoin and other risk assets to investors’ fears about the US dollar’s devaluation due to government debt accumulation.
“Owning stocks is the same thing as being short the US dollar,” he says. “Being long any asset is a short US dollar play.”
Inflation and Currency Destruction
Brandt sees the surge in inflation and the record-high US national debt as evidence of the dollar’s decline.
“This is what the destruction of the US dollar and other fiat currencies looks like,” he states.
Current Bitcoin Price
At the time of writing, Bitcoin is trading at $61,890.
