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VETERAN TRADER ADVISES "GENERATION Z" TO PUT ASIDE BITCOIN SAVINGS AND HOLD ON
It's time for a new and younger generation to invest in bitcoin. At least, this is what the experienced trader and popular commentator Peter Brandt recommends.
Brandt suggests that members of Generation Z get an education in an area where they can quickly find a well-paid job, while avoiding student debt if possible.
In his discussion of investments, he mentioned bitcoin, the largest cryptocurrency by market capitalization.
Related article | Gloomy crypto future? The author of the book warns that we are in the biggest bubble in history
Brandt believes that they should invest most of their savings in the world's most sought-after crypto assets and strong company stocks.
Brandt stated that even if bitcoin is still "generally" not credible and has not been verified by a huge number of people as well as local authorities to date, this may be due to various trends that may increase the investment value of a particular cryptocurrency.
Cryptocurrency as a reasonable investment
Brandt, founder and CEO of Factor LLC, has been trading commodities for over 40 years and has been a well-known analyst and investor ever since.
His claim to fame was that he correctly predicted a sharp drop in the price of Bitcoin in 2018. He took to Twitter to give financial advice to millennials and Generation Z.
He called Bitcoin a good investment in cryptocurrency in terms of current market viability.
The total capitalization of the cryptocurrency market on the daily chart is 1.711 trillion dollars | Source: TradingView.com
Brandt's Predictions about Bitcoin
According to Brandt, bitcoin is almost halfway to the current bull market from the price low.
He noted that the long-term bull market of bitcoin is still intact. Its technical analysis indicates that it may continue to grow, albeit with some corrections along the way.
Based on the long-term trend channel, he expects bitcoin to reach $180,000-$200,000 by the third or fourth quarter of this year.
According to a recent survey conducted by Deutsche Bank, more than a fifth of bitcoin investors believe that the price of the cryptocurrency will exceed $110,000 in five years.
Wealth Store
Brandt readily stated that rises and corrections are possible for the famous cryptocurrency, since he is familiar with its market trends, and that Bitcoin plays the role of a means of saving and a means of exchange.
"This is a binary bet. It will be the best of what people want it to be, or it will become nothing," he said.
Nevertheless, as long as investors and people continue to set high standards and transactions with cryptocurrency, it will act as it should be - a means of financial compliance.
Bitcoin Today
At the same time, Bitcoin (BTC) is currently trading at around $39,130.05, which represents an increase of 1.54% over the past 24 hours.
According to Coindex statistics, its highs have reached $40,222.40, while the lows still exceed the $37,000 barrier and amount to $38,335.60.
Bullish patterns are projected to appear in March, however, the current level of volatility may reduce bullish opportunities for bitcoin due to global events and market changes.
Related article | According to the forecasts of the CEO of Bitbull, in nine months bitcoin will reach the $ 100,000 mark
Featured image from CNBC, graph from TradingView.com
