Peter Brandt’s Bitcoin prediction gets “spanked by Millennials” (Micky)

With 45 years of experience, Peter Brandt has an enviable track record on predictions. But that didn’t save him from the Crypto Twitter hordes.

Peter Brandt has a long track record since 1980 of using classical charting principles to make calls on market movements – which he likes to think of as “possibilities” rather than flat out “predictions”.

Brandt famously called the early 2018 crypto market crash and the long bear market that followed.

In May, Brandt suggested Bitcoin was about to see a “parabolic move” at a time when Bitcoin was just over $6100.

The price more than doubled by mid-July, though it’s pulled back since.

Possibility that $BTC has entered fourth parabolic phase https://t.co/q4nAgkVJff pic.twitter.com/PL2LQ4ANOY

— Peter Brandt (@PeterLBrandt) September 1, 2019

Brandt’s short and long calls at odds

In early September he suggested the possibility that Bitcoin was in its “fourth parabolic phase” and projected the possibility of a $140,000 price during the next bull run.

But he followed that up less than a week later by cautioning it could be a bumpy ride skywards.

He identified a bearish descending triangle pattern that he says “implies but does not demand” a lower price in the short term.

Bitcoin meets the definition of a descending triangle. Don't let newbie chartists tell you different. Right-angled triangles imply (but do not demand) a resolution thru the horizontal boundary. $BTC pic.twitter.com/DIW1BpMSCV

— Peter Brandt (@PeterLBrandt) September 7, 2019

Despite identifying the pattern, he seemed uncertain about how it would play out.

He explained he was bullish in the long term and has a “sizeable position” on BTC going up.

“I am long BTC as a position trader. Yet, as a swing trader, I must respect classical charting principles…

There have been numerous occasions over the years when prices blew out of the upside of a descending triangle. When this happens it is referred to as a descending triangle failure.”

One thing I have learned from 45 years of trading:

Markets have a tendency to do what the most number of market participants least expect and don't want to happen.

Descending triangles are most often bearish. $BTC pic.twitter.com/bKlYPke8AA

— Peter Brandt (@PeterLBrandt) September 21, 2019

BTC will do the opposite of what you expect

On the weekend he tweeted:

“One thing I have learned from 45 years of trading:

Markets have a tendency to do what the most number of market participants least expect and don’t want to happen.

Descending triangles are most often bearish.”

Crypto Twitter responds rudely

Various inhabitants of Crypto Twitter got up in arms about the tweet informing Brandt that a) EVERYBODY was expecting a BTC price drop due to TA, and b) that he doesn’t know anything anyway.

Tommi Karjalainen tweeted, “99% of crypto is expecting that BTC will drop hard soon. Either this is the easiest short ever or BTC does the opposite and moons.”

99% of crypto is expecting that btc will drop hard soon. Either this is the easiest short ever or btc does the opposite and moons

— Tommi Karjalainen (@ilonpilaaja) September 21, 2019

CryptøManiac101: “Most are actually bearish on #Bitcoin and this post proves just that!”

Dennis: “I agree, when this guy starts posting his BS, go the other way.”

John Bitcoin seemed to think four decades of experience was irrelevant: “Your 45 years doesn’t matter. This isn’t the stock market and that is why we are here.”

Aryan’s used a circuitous logic approach to conclude: “Most commenters under this tweet are saying that most people are bearish so this should be bullish. Which would mean it is bearish.”

Brandt’s riposte

Brandt took the slings and arrows of Crypto Twitter with humour, sarcastically tweeting in response:

“Thanks to all of you who corrected me on this Tweet. How stupid of me to think that the majority of BTC traders were expecting higher prices, when in fact they expect prices to go down. Once again I took a millennial spanking.”

Thanks to all of you who corrected me on this Tweet. How stupid of me to think that the majority of BTC traders were expecting higher prices, when in fact they expect prices to go down. Once again I took a millennial spanking.

— Peter Brandt (@PeterLBrandt) September 21, 2019

The post Peter Brandt’s Bitcoin prediction gets “spanked by Millennials” appeared first on Micky.


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