“If you don’t consider 85% declines as bear markets you are crazy or insane or both,” has been Peter Brandt’s mantra during his 46 or so years in trading. Now he is passing this and more crucial information to crypto traders as markets nosedive.
Tweeting on Friday, the pundit took to reminding Bitcoin, and by extension, all crypto traders that tough times do not last, only tough people do. This comes after the pioneer cryptocurrency led the crypto market in a bloody sell-off on Thursday, falling by over 9% and dampening hopes of price recovering to its all-time highs this quarter.
“Cheerleaders who constantly beat the drums of “to the moon” are doing a huge disservice to BTC investors,” he wrote displaying a chart that suggests Bitcoin’s price may have reached a key inflection point. “Corrections can be lengthy-Long endurance, not constant hype, should be the message,”
The tweet elicited a lot of responses from his followers, most of whom seemed to agree with his take on the current drawdown.
“Bitcoin is a marathon, not a sprint,” replied Michael Saylor, who is holding Bitcoin until it attains a $100 Trillion market cap.
However, others like on-chain analysts Willy Woo seemed to have veered off Brandt’s message after claiming that too many people failed to understand how market cycles work.
“The market keeps evolving.” he said before adding, “Too many people apply analysis using prior cycles without understanding how each had similar shapes but vastly different driving forces.” According to him, the crypto market has been exhibiting shorter cycles which most fail to think of as cycles because they are blinded by the past.
Willy Woo’s comment seemed not to have sat well with Brandt, perhaps given that Woo’s sentiments have constantly pointed to Bitcoin “only mooning”.
“I am not arguing in favour of a particular way to identify cycles I am scolding those who promote $BTC to new investors in a way that implies more immediate results,” Brandt clarified saying, “ The big profits in Bitcoin will go to those investors willing to undergo periodic long-suffering.”
Brandt, who is not a fan of “Hodling” strongly believes that the crypto market is indifferent from traditional derivative markets. To him, the Bitcoin chart will unfold naturally without the undue influence of moon boys who are currently on the lose, albeit in smaller numbers now.
“I am simply saying that all the hype will wear down ppl’s patience to hold for the long-term. Rather than hyping, we should be cautioning people to not expect overnight gains,” he added.
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