Famous analyst Peter Brandt, known for his analysis of Bitcoin and cryptocurrencies, made statements about the spot Bitcoin ETFs that everyone is looking forward to and their impact on the market.
While the general expectation in the market is that the spot Bitcoin ETF approval and BTC halving will be an important catalyst on the BTC price and the price will rise significantly, the famous analyst does not think the same.
Making a post on his Twitter account, Peter Brandt claimed that the highly anticipated spot Bitcoin ETF approval in the USA and the BTC halving expected in 2024 will not have a significant impact on the market and BTC price.
At this point, Brandt thinks the possible approval of the spot Bitcoin ETF and the BTC halving are already priced in.
Listing three things he believes about Bitcoin, the analyst said:
“There are three things I believe about Bitcoin:
Even if a spot Bitcoin ETF is approved in the US, its impact on the market will be minimal.
– Likewise, the BTC halving in 2024 will not have a big impact on the market.
-The correlation of BTC with other markets makes no sense. BTC will be at the top of the food chain. That's the only thing that matters.
What I've learned from my 48 years of experience is that big investors act before certain events and the price pre-prices those events.
This is where the “buy the rumor, sell the fact” behavior comes into play.”
Three things I believe about Bitcoin
1. The inevitable OK of a $BTC ETF in U.S. will be non-event
2. BTC halving will be a non-event
Markets discount in advance
3. BTC's correlation to other mkts is a non-starter. BTC will be top of food chain. That's the only thing that matters pic.twitter.com/2l0CxAyZ4T— Peter Brandt (@PeterLBrandt) July 27, 2023
*Not investment advice.
