Veteran trader Peter Brandt, who gained legendary status after calling the 2017 Bitcoin (BTC) collapse, is looking at the crypto king’s history to determine whether its multi-month bull run is over.
Brandt tells his 719,800 followers on the social media platform X that he thinks Bitcoin’s bull market is just getting started after BTC surged by about 45% last month.
According to the seasoned trader, Bitcoin’s last monthly candle is similar to the one witnessed in late 2020 when BTC soared above its previous all-time high of $20,000.
“Should note that huge monthly bars are usually ‘starting’ or ‘take-off’ candles or ‘ending” or ‘blow-off’ candles.
My bet is that this is a ‘starting’ candle. Note the bars in late 2020. BTC.
Oct 2021 was a blow-off candle for example.”
But looking beyond the charts, Brandt believes that Bitcoin and other risk assets like stocks are soaring because investors think that the dollar is being destroyed by the US government through massive debt accumulation.
“Breakout in crude oil.
Gold poised for massive breakout.
Stocks into new highs.
Bitcoin soaring BTC.
WHAT IN THE WORLD IS HAPPENING?
This is all about the destruction of the US dollar. Analysts tell us to be bearish stocks because of US debt load.
Quite the opposite. Owning stocks IS the same thing as being short the US follar. Being long any asset – artwork, diamonds, real estate, cryptos, stocks, you name it – is a short US dollar play.
This is also reflected in inflation. This is what the destruction of the US Dollar USD and other fiat currencies looks like.”
At time of writing, Bitcoin is trading for $61,890. Meanwhile, the national debt of the US is at record levels, sitting at $34.47 trillion.
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