Legendary trader Peter Brandt observes that we may have seen this Bitcoin movie before, even though the cryptocurrency is in a bullish trajectory at a high price level.
In a recent tweet, veteran commodity trader Peter Brandt mentioned that Bitcoin is the “biggest single position”.
Meanwhile, silver, whose price reached a six-month high due to the “short squeeze” focused hype inspired by Reddit, is the graphics expert’s second largest investment.
A creepy observation of deja vu
Although he personally bet big on Bitcoin, Brandt also made a cautious “watch” about potential déjà vu under construction.
He compared eerily similar setups in 2018 and 2021, but the trader also warned his followers that the tweet did not reflect its position.
If you think my views are the same as my position – you are wrong. This is an observation – nothing more, nothing less.
Brandt’s legendary prediction
After reaching an all-time high of $ 19,727 on December 17, 2017, Bitcoin recovered 43 percent in less than a week. Despite the fact that a dead cat jumped to $ 17,272 on January 5, 2018, the cryptocurrency dropped another 47 percent in the next 11 days and fell to $ 9,138.
On January 22, 2018, Brandt famously tweeted that Bitcoin broke its parabolic advance and said there would be an 80 percent correction with incredible accuracy.
In early February 2018, Bitcoin fell below $ 6,000. After a few months of back and forth movement, the flagship cryptocurrency fell to $ 3,010 on December 15, 2018, the darkest day of the crypto winter.
Is 2021 different?
Quickly entering 2021, Bitcoin corrected over 28 percent within three days after reaching its current lifetime peak of $ 42,000 on January 8th. This was followed by a similar correction that lasted about eight days in late January.
The “Elon Musk pump”, which sent Bitcoin for about $ 39,000 on January 29, was followed by a brutal rejection.
While technically it looks like early 2018, the industry is definitely in a different place right now. The biggest hedge fund managers and large public companies are finally embracing Bitcoin.