Veteran trader Peter Brandt has said the upcoming bitcoin halving in 2024 and the “inevitable” approval of a Bitcoin ETF by the U.S. are likely to be non-events. Brandt claimed that while the top cryptocurrency’s correlation to other markets is a non-starter, bitcoin’s position on “top of [the] food chain” is the only thing that matters.
Spot Bitcoin ETF Approval ‘Inevitable’
Veteran trader Peter Brandt has said the much-anticipated Bitcoin halving event is likely to be a non-event because “markets discount in advance.” In his July 27 tweet, Brandt said he believes the “inevitable OK of a $BTC ETF [exchange traded fund] in the U.S. will be [a] non-event.”
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
Brandt’s comments appear to contradict the forecasts by some bitcoiners who believe that the two events will drive up the price of BTC. To illustrate, price predictions on Changelly suggest that BTC will go past $50,000 in 2024, the year the top crypto is expected to halve for the fourth time.
Bitcoin’s Sovereignty and Marxism
On the other hand, Brandt’s belief that the approval of Bitcoin ETFs is unlikely to drive up the cryptocurrency’s price appears to contradict the latest Coingecko data, which suggests that Blackrock’s ETF filing had propelled BTC in Q2, 2023. However, in his tweet, Brandt told his followers that the only thing that matters is bitcoin’s undisputed position as the number one crypto asset.
“BTC’s correlation to other markets is a non-starter. BTC will be top of food chain. That’s the only thing that matters,” the veteran trader concluded.
Meanwhile, in the same tweet, Brandt warned that the U.S. government will continue to fight against the freedom of citizens to own or use bitcoin. He said this would be consistent with Washington elites’ “desire for a neo-Marxist country where the federal govt is sovereign over all else.” Bitcoin, he said, “seeks its own sovereignty” and is therefore a foe of Marxism.
When asked why he is confident that spot Bitcoin ETF applications will get approval and about the top cryptocurrency’s fate, Brandt said the jury is still out.
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