Peter Brandt claims that amateur Bitcoin (BTC) traders are missing the forest for the trees by focusing on short-term price patterns
- Missing the forest for the trees
- Brandt is back on crypto Twitter
Prominent chartist Peter Brandt has retaliated against crypto Twitter by posting his made-up “six-blind-mice” signal when commenting on Bitcoin’s price action. Believe it or not, but some of his followers were actually tempted to google this.
With such an obvious tongue-in-cheek tweet, he apparently wanted to show the insignificance of short-term price patterns, urging traders to focus on the long-term picture.
Missing the forest for the trees
The tweet that caught the attention of the legendary trader shows that Bitcoin appears to be simultaneously forming two patterns — a rising wedge and an ascending channel. While the former is bearish, the latter indicates the continuation of the upside price action, which is why traders are trying to figure out which one of them will eventually play out.
The only thing that matters to Brandt is that BTC has been in a coiled market for 28 months after violating its parabolic advance in January 2018. Whereas the coin’s fundamentals scream “buy,” its price has been suppressed, however it’s anticipated to finally snap again with a serious transfer.
Brandt is again on crypto Twitter
It’s unclear whether or not the chartist has as soon as once more was a raging bull as soon as once more. After the March 12 flash-crash, he tweeted that BTC had the next likelihood of going to $zero than $100,000.
Lately, he claimed that he would not tweet about BTC due to “disrespectful trolls.”
Regardless of a slew of Brandt’s eerily prescient price predictions, the latest uber-bearish name earned him blistering criticism from crypto-enthusiasts because it more than likely marked the underside of the correction.