Seasoned analyst who has traded since 1971 has weighed in on Bitcoin in his latest post.
Veteran commodities trader Peter Brandt has given a bullish prediction for the future of Bitcoin (BTC) in a recent post.
Brandt has hailed Bitcoin as the “trade of a lifetime” and stated: “There never has been, and there probably never will be, another market like Bitcoin.”
Brandt’s trading career began in 1971 on the New York Mercantile Exchange, trading futures contracts in silver and foreign currencies pre-1964. Over the years, he has traded futures in everything from corn to gold, from Treasury bills to copper, sugar, palm oil, lumber to cattle, and even iron ore to Idaho potatoes.
Brandt has also added cryptocurrencies, such as Bitcoin and Ethereum, to his portfolio in recent years. However, he has been a frequent critic of altcoins and is a firm believer in BTC as an asset.
In a blog post, Brandt stated that the BTC market is unique. He described altcoins and memecoins as “copycats” that feed off the existence of Bitcoin.
According to Brandt, some of the factors that make Bitcoin unique include its unhackable architecture, scarcity, global acceptance, traceability, and near-instantaneous transaction capabilities.
Brandt also outlined the huge gains in the BTC price since its inception, saying that Bitcoin’s rise has often been parabolic in nature.
A chart shared by Brandt shows that Bitcoin has been appreciating in price since its inception and that even large corrections have failed to break BTC’s uptrend. According to the analyst’s chart, the current bull run began in late 2022 and is still ongoing.
Brandt has a price target of $125,000.
