A widely seasoned trader known in the crypto space for citing the major Bitcoin crash in January 2018 reveals the key fundamental driver that will fuel Bitcoin’s bull market.
Peter Brandt tells his 435,100 Twitter followers that he believes Bitcoin, along with other assets, will continue to thrive in bull territory amid the depreciation of the US dollar.
“The devaluation of the purchasing power of the US dollar DX_F has only just started. Hence Bitcoin BTC, Real estate, US stocks, and commodities will continue to trend higher when expressed in U.S. dollar fiat terms. “
Source: Peter Brandt / Twitter
Brandt’s latest analysis comes after the U.S. Senate passed President Biden’s $ 1.9 trillion Covid stimulus package. Bitcoin bull Anthony Pompliano says the aid package will have a massive impact on the value of the US dollar and Bitcoin.
“To think that the dollar is stable in terms of purchasing power is completely insane. 40% of all dollars in circulation will be created in 12 months after that $ 1.9 trillion. Purchasing power has fallen dramatically. Compare dollars to stocks, real estate, goods, services, bitcoin, etc. The US Senate has just agreed to repeat to the world why bitcoin is important and valuable. “
In the short term, Brandt believes that Bitcoin is on the way to a new all-time high.
“Two charts that you should watch closely over the next few days. IT F S & Ps ‘V’ extended bottom. New heights ahead.
BTC inverse head and shoulder pattern. New heights ahead. “
Source: Peter Brandt / TwitterDon’t Miss A Beat – Subscribe to send crypto email notifications straight to your inbox
Follow us on Twitter, Facebook and Telegram
Check the latest headlines
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making any high risk investments in Bitcoin, cryptocurrency, or digital assets. Please note that your transfers and trades are made at your own risk and that any losses incurred are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Selected image: Shutterstock / light source