On January 17, it has been reported that the 40-year market trader said that contrary to what some believe, BTC/USD has already hit its floor.
“They all now want to sit and buy a break back to $6,000 or $5,000 and they’ve missed the bottom — and during that bottom, I think you had a lot of people accumulate with strong hands.”
“The weak hands are out; the strong hands own it.”
As it has been reported, his personal sentiment has undergone a change since late 2019, as recently as December; he had warned that there remained a chance for Bitcoin to put in lower lows in 2020.
In early 2018, one month after Bitcoin reached its all-time highs of $20,000, Brandt warned that markets would not be going any higher and that an 80% retracement was likely. BTC/USD hit local lows of $3,100 — 84.5% lower — a year later.
However, Brandt suggested that the danger has now subsided, in comments echoed in the discussion by fellow trader Alessio Rastani.
“I think anybody who is interested in what Bitcoin has to offer has to have at least 10-20% of an ownership position relative to the capital that they could commit to Bitcoin in a bigger perspective.”
Likewise, Bitcoin has sealed monthly gains of around 35%, with 2020 progress alone at 25%. Markets reached local highs of $9,000 on January 17 (Friday), before encountering resistance, which coincides with the 200-day moving average price, something which has historically stifled bullish progress.
Thus, commentators have said that the latest statistics are currently suggesting the interest in Bitcoin, which extends beyond lay consumers, volume surges on futures markets signal institutional commitment as well.