Bitcoin (BTC) investors who are waiting for a price dip to even $6,000 have missed their opportunity already, veteran trader Peter Brandt says.<\/p>\n
In a market discussion with Cointelegraph on Jan. 17, the 40-year market stalwart said that contrary to what some believe, BTC\/USD has already hit its floor.<\/p>\n
They all now want to sit and buy a break back to $6,000 or $5,000 and theyve missed the bottom and during that bottom, I think you had a lot of people accumulate with strong hands, he summarized.<\/p>\n
Brandt continued:<\/p>\n
The weak hands are out; the strong hands own it.<\/p>\n
As a long-time Bitcoin advocate, Brandt was continuing a bullish streak he began on social media earlier this month.<\/p>\n
As Cointelegraph reported, his personal sentiment has undergone a change since late 2019 as recently as December, he had warned there remained a chance for Bitcoin to put in lower lows in 2020 thanks to novice investors he described as cryptocultists.<\/p>\n
In early 2018, one month after Bitcoin reached its all-time highs of $20,000, Brandt warned markets would not be going any higher, and that an 80% retracement was likely. BTC\/USD hit local lows of $3,100 84.5% lower a year later.<\/p>\n
Now, however, the danger has subsided, Brandt suggested, in comments echoed in the discussion by fellow trader Alessio Rastani.<\/p>\n
I think anybody who is interested in what Bitcoin has to offer has to have at least 10-20% of an ownership position relative to the capital that they could commit to Bitcoin in a bigger perspective, he advised.<\/p>\n
Bitcoin has sealed monthly gains of around 35%, with 2020 progress alone at 25%. Markets reached local highs of $9,000 on Friday, before encountering resistance, which coincides with the 200-day moving average price, something which has historically stifled bullish progress.<\/p>\n
The latest statistics meanwhile suggest that interest in Bitcoin extends beyond lay consumers volume surges on futures markets signal institutional commitment as well, commentators have said.<\/p>\n
Cointelegraph regularly produces Market Discussions, Interviews and Documentaries. To watch more of our videos, subscribe to Cointelegraphs YouTube channel.<\/p>\n
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