There is no guarantee that Bitcoin could thrive from the failed financial system, according to Peter Brandt
- Bitcoin’s turning point
- No compromise
Peter Brandt thinks Bitcoin won’t necessarily thrive on the crumbling financial system, according to the new tweet shared by the trading guru.
That being said, he believes in the long-term narrative that is spread by cryptocurrency evangelists.
Bitcoin’s turning point
Central banks offering unlimited liquidity to save the dying global economy are said to be the perfect environment for Bitcoin. Yet the world’s largest cryptocurrency has so far failed to respond to the “japonization” of the western monetary system.
Digital gold is struggling to dissociate from US stocks after the correlation between the two asset classes recently reached an unprecedented level.
Yet Mike Novogratz estimates that this “money growing on trees” will make 2020 the year of Bitcoin. Meanwhile, Cameron Winklevoss recently tweeted that the coronavirus crisis would be the inflection point for the crypto industry.
Brandt is known for its fairly extreme price forecasts. In December, he presented a major bullish scenario for Bitcoin when the main cryptocurrency could reach $ 100,000 in 2020.
After the market fell in March, the chartist radically changed his bias, suggesting that the BTC could eventually reach zero.
As reported by U. Today, Silk Road founder Ross Ulbricht also claimed that the drop in “Black Thursday” had invalidated his $ 100,000, which is why he now expects much lower prices.