Veteran commodity trader Peter Brandt made a bullish prediction about the future of Bitcoin (BTC) in a recent article. As Brandt enters the 53rd anniversary of his first futures market trade, he praised Bitcoin as “the trade of a lifetime” and said, “There has never been, and there may never be, another market like Bitcoin.”
Brandt's trading career began in 1971 at the New York Mercantile Exchange, trading pre-1964 silver quarter and dime futures contracts. Over the years, he has traded futures contracts ranging from corn to gold, treasury bills to copper, sugar to palm oil, lumber to cattle, and even iron ore to Idaho potatoes.
Brandt has also added some other cryptocurrencies, such as Bitcoin and Ethereum, to his investment portfolio in recent years. However, he frequently criticizes altcoins and is a firm believer in BTC as an asset.
In a blog post linked to his tweet, Brandt stated that the BTC market is unique. He described altcoins and memecoins as “imitations” that owe their existence to Bitcoin. According to Brandt, several factors make Bitcoin unique. These include its unhackable structure, limited quantity, global acceptance, traceability and almost instantaneous transaction ability. He also highlighted BTC's price behavior as an important factor. Overall, he sees Bitcoin as “an attempt to take over the world's monetary system by force.”
Brandt also summarized the large increases in Bitcoin prices since its inception, stating that increases in Bitcoin have often been parabolic in nature.
The Bitcoin chart shared by Brandt shows that Bitcoin has risen irreversibly since its inception, and even major corrections have failed to break the rising BTC line. According to the analyst's chart, the current bullish period started in late 2022 and continues now. Brandt's price target here is to go up to $125,000.
*This is not investment advice.