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- Peter Brandt, the veteran trader, argues against the HODL strategy for Bitcoin Traders, says “hate having to make the same money over and over and over again.”
- Brandt says the leading cryptocurrency in the world would need a 400% rise in order to recover from its 80% drawdown.
- Recently, Legendary trader John Bollinger also saw a bullish pattern on the weekly chart of Bitcoin. At the time of writing, the price of Bitcoin stands at $43,216.04, down by 1.77% in the past 24 hours.
In his latest tweet, Veteran Trader Peter Brandt calls out Bitcoin “hodlers”. He believes that it is in vain to hold the largest cryptocurrency for an extended period.
Further, Brandt says he is not very much interested in making the same money again and again. Further, he estimates that the world’s leading cryptocurrency by market cap would need to rise by 400% to recover from its 80% drawdown fully.
Bitcoin investors are generally indecisive about selling their assets to avoid having any regrets afterward. Besides, trading can also get quite tricky, due to which many stick to the “hodling” strategy.
Brandt also adds that recognizing Bitcoin’s cycle tops was quite easy. Therefore, the chartist believes it is of no use for investors to risk an 80% correction, saying “the largest cryptocurrency is not a religion.”
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How To Identify A Top Signal In BTC Cycles?
After his statement, Brandt also answers the next obvious question: how to identify a top signal? In a separate tweet, he explains that one guide could be the laser eyes that Bitcoin enthusiasts used to add to their Twitter profiles in expectation of the digital asset reaching the $100,000 mark.
The world’s leading cryptocurrency by market cap, Bitcoin’s growth has stopped since it hit the mark of $45,000. As per the reports of U.Today, Jurrien Timmerdirector of global macro at Fidelity Investments, recently pointed out that Bitcoin had formed a double-bottom pattern, which could be an indicator for traders.
John Bollinger, the legendary trader, also noted a bullish pattern on Bitcoin’s weekly chart recently.
The leading cryptocurrency reached its all-time high of $69,000 in early November, and traders are still anticipating its recovery.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
