Company Of Legendary Peter Brandt Goes Long Bitcoin, Here’s His Target Price

Jake Simmons

1 year ago

2 mins read

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The trading company of the legendary Peter Brandt is going long Bitcoin. In a tweet, which was actually not intended for the broader public, Brandt revealed that his company Factor LLC is currently taking five long positions, one of which is Bitcoin.

Via Twitter, Brandt shared the related chart analysis and stated; “Heading to MN for the summer. Current Factor LLC positions with trailing stops.”

Long Nasdaq $NQ_F
Long Gold vs. YPY $GC_F $G6J_F
Long Bitcoin $BTC
Long Gold $GC_F
Long London Cocoa (not shown) $LCC_F

Bitcoin price prediction Peter Brandt — Bitcoin price analysis by Peter Brandt | Source: Twitter: explained

Bitcoin Price Heading North

In response to a question from a Twitter user, Brandt replied, “Sorry, I accidentally tweeted this to my public Twitter feed. It was supposed to be limited to my private Twitter stream.” The analyst’s Bitcoin chart indicates that he expects the Bitcoin price to rise to $40,000.

The basis for this forecast is a fulcrum bottom pattern that Bitcoin has successfully formed and from which the price has recently broken out. On Monday, April 10, the legendary analyst shared the chart below and commented on it simply with “Breakout.” The 1-day chart showed that the rise to above $29,200 triggered the buy signal for Brandt.

Bitcoin price Peter Brandt — BTC breakout | Source: Twitter: @PeterLBrandt

The fulcrum bottom pattern has been discussed a lot lately, as Peter Brandt mentioned this concept in his reports. The structure of the pattern resembles the shape of a simple lever.

The bottom is formed in a deep consolidation area after a prolonged downtrend, with a recovery taking place in the middle, but failing. This is followed by several weaker recoveries before the final breakout above the “walls” takes place.

Brandt also appears to have drawn a bullish megaphone pattern in the chart. This pattern has also been shared in recent days by analyst Ali Martinez, who most recently wrote: “Bitcoin remains on course for $34,000 as the bullish megaphone pattern continues to dictate BTC’s trajectory!”

Bitcoin price — BTC’s bullish megaphone pattern | Source: Twitter @ali_charts

Unlike Martinez, however, Brandt expects BTC’s rally to continue near $40,000 in his latest analysis. Remarkably, Brandt tweeted on March 20 that he expects a new all-time high for Bitcoin within the next 12 months – meaning a rise above $69,000.

“All predictions are just guesses. My guess is that Bitcoin is 12 months away from new ATHs,” wrote Brandt, who also stated that it is “highly unlikely” that BTC will get anywhere near $50,000 in the next 90 days. The rationale for his forecast was:

Dangerous to have opinions that are without fact. New ATHs in Apr-Jun 2024 would be very much in line with past cycles. The amt of disinformation in crypto is amazing to me.

At press time, the BTC price stood at $30,758, eyeing a break above $31,000.

Featured image from Bitcoin Nigeria, chart from TradingView.com

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

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