Seasoned trader Peter Brandt has reaffirmed the dominant sentiment in the cryptocurrency industry about Bitcoin – it’s on its way to a new ATH! Brandt while speaking with Ran Neuner on CNBC’s Crypto Trader said he is confident that Bitcoin has hit a “very very clear bottom” and will soon experience the kind of parabolic move it experienced in 2013.
Brandt said this is the basis of his bullish expectations. According to him, the patterns in 2011 and 2012 that grew into 2013 are rare but he is confident that it will be repeated by Bitcoin in a short while from now.
While speaking for Bitcoin and giving the assurance of a bright future, Brandt said altcoins are nothing but “cheap pretenders” that only succeeded in distracting Bitcoin traders for a time. In a Twitter post, he said traders have been sidetracked by cheap pretenders., referring to altcoins.
Speaking on XRP, Brandt said that it is just a token for buying Bitcoin. He had earlier said that XRP’s $0.3 price is a delicate price that must be maintained or the asset would go down. He, however, stressed that with the 2018 market crash, Bitcoin is soon to go into a significant bullish phase.
Several other traders and analysts have predicted a bull run for Bitcoin in 2019 and especially after exceeding $6,000 which it did in the early hours of today May 9, 2019. However, Brandt sees history repeating itself rather than just a prediction based on public opinion.
“The idea that you look at a market and consider it to be a long term chart when it’s only a decade long is pretty magnificent and then if you see the possibility of three parabolic moves in a decade’s period, that’s unheard of and that perhaps has not been seen since we saw German interest rates in the 1920s.”
So far, Bitcoin is the only Major Cryptocurrency that’s currently maintaining a green bullish market apart from controversial stable coin Tether (USDT). Is it possible that Bitcoin will indeed grow and leave altcoins behind?