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Old school commodity trader Peter Brandt has made a point of responding to those traders and crypto holders who believe that, at the moment, flagship cryptocurrency Bitcoin is undergoing a big correction after surging to an all-time high of $73,750 last week.
Between March 14, when the historic peak was reached, and March 20, the decline constituted 16.64% as Bitcoin landed at $61,520. Still, Brandt tweeted that he does not believe this to be a big correction.
"I don't see a correction," Peter Brandt says
Brandt stated that he has zoomed out to take a more general look at the Bitcoin chart, and he did not spot any correction on it. On the chart he showed, one can see the world’s leading cryptocurrency repeating the horizontal channel pattern (also known as a sideways trend). There is also a reversal double top pattern shown on the chart.
According to his chart, Bitcoin moved in a sideways trend during 2023 and broke out of it once 2024 started.
Brandt took a jab at those who are betting on meme coins and s-coins with leverage, saying that for them “any correction will = rekt.”
The talk among traders is the big correction in Bitcoin. $BTC
— Peter Brandt (@PeterLBrandt) March 20, 2024
I look at the long term chart, and say, "What correction?" I don't see a correction.
Yet, for suckers betting on memes and #crapcoins with leverage, any correction will = rekt pic.twitter.com/0DdVz6yYoE
"Bitcoin poised to 'kill it,'" 99% of meme coins going to zero
In a comment on his aforementioned tweet, Brandt talked about the Bitcoin market's capitalization dominance over the rest of the cryptocurrency market.
Now, it is also moving in a sideways trend after surging drastically last year. The renowned chartist stated that "Bitcoin is poised to 'kill it'" on this chart, and it is targeting a 65% rise on this metric in the current bull run. He referred to other cryptocurrencies as “pretenders” and claimed that, ultimately, 99% of meme coins, and altcoins will crash to zero. “In the end there will be only one crypto standing – that is the legend BTC.”
Bitcoin dominance
— Peter Brandt (@PeterLBrandt) March 20, 2024
Bitcoin is poised on the corresponding chart to "kill it"
In the end there will be only one crypto standing -- that is the legend $BTC
Target on this run is 65%
All others are pretenders
In the end, 99% of memes, crapcoins even most other macro caps will = ZERO pic.twitter.com/fNwzHOfQnJ
Earlier this year, Peter Brandt tweeted that he hopes cryptocurrency can prove to be a solution for the constantly growing U.S. national debt and that it will be able to “bail out the system,” or at least to generate “incredible wealth” for the younger generation of investors.
Currently, Peter Brandt awaits the approaching Bitcoin halvening, along with the rest of the cryptocurrency community.