Recently, the seasoned financial analyst and trader Peter Brandt has been increasingly expressive about crypto assets, with a particular focus on bitcoin and ethereum. On Dec. 21, 2023, Brandt reaffirmed his stance regarding the anticipated Bitcoin reward halving set for April 2024. He contends that the halving is overly sensationalized and will only exert a temporary impact on bitcoin's price.
Veteran Trader Peter Brandt Dismisses Bitcoin Halving Buzz as Exaggerated Frenzy
Back at the end of July 2023, Peter Brandt had already conveyed his viewpoint, dismissing the forthcoming bitcoin halving as an inconsequential "non-event." He reiterated this perspective on Thursday, taking to X (previously known as Twitter) to issue a statement about the halving event.
"The Bitcoin halving hype is a whole lot of excitement over nothing," Brandt posted. Sure, halving hype might temporarily impact price, but the reduction of supply as % of daily volume is the size of a gnat's ass."
Brandt's recent insights follow his X post about shorting ethereum (ETH), followed by his analysis of bitcoin (BTC). On Wednesday, Brandt observed, noting that it was "interesting to note that ETH has lost 36% in value against BTC in 2023."
The following day, he addressed the perspective of some analysts who believe BTC is "terribly overbought." However, Brandt highlighted that the 30-day relative strength index (RSI) is "currently at the sweet spot where previous bull markets have greatly accelerated their advances."
Following Brandt's remarks on the halving, several individuals responded. Colin Talks Crypto, a Youtuber, mentioned, "As I've said before, the halving events going forward are more likely to have [a] psychological impact than actual economic impact, as most tokens are in existence already," suggesting that "This is why price volatility will reduce in the long term."
Another commenter opined that bitcoin's movement with economic cycles, like other assets, is not coincidental, contrary to the belief of Bitcoin maximalists. Looking ahead, Bitcoin is poised for its fourth halving event, expected in March or April 2024. With less than 18,000 blocks remaining until the halving, the block reward is set to decrease from 6.25 BTC to 3.125 BTC per block.
Historically, bitcoin's price has typically risen in anticipation of its past three halvings. This trend of rising prices preceding halving events has historically generated significant interest and speculation within the crypto community. As the fourth halving approaches, the market's response remains a focal point of anticipation and debate among investors and analysts alike.
What do you think about Peter Brandt's opinion concerning the upcoming Bitcoin halving? Share your thoughts and opinions about this subject in the comments section below.
Source: Bitcoin.com
No comments:
Post a Comment