Peter Brandt, a veteran trader and crypto analyst, has revealed in a new episode of The Wolf of All Street with Scott Melker that he is “fully long” on bitcoin, as he believes the current bull run still has further upside.
According to Brandt, even though the price of BTC moved up from a low of just under $4,000 in March of this year to a new all-time high, it still has room to grow. He said:
I’m fully long. In 2018, I set aside a sum of money that I said, ‘This is Bitcoin money.’ That’s fully employed
The analyst added that while he scales in and out he is “fully committed” to the cryptocurrency, as “there’s no sign for me that bitcoin won’t keep going up.” Per the analyst, the price of BTC has the potential to hit $100,000 in this cycle, but it also has a 50% chance of dropping to zero in the long run.
Brandt believes bitcoin may become worthless as technology and further innovation could render it obsolete. To him, we would “look back 20 years from now and” and think it was an “interesting experiment.”
Despite the risk, he recommends investors allocate 20% of their portfolio into bitcoin, up from a previous recommendation of 10%. This, as he believes bitcoin could be a store of value, medium of exchange, or a currency.
As corporations have started embracing bitocin and “not only sell their shoes online for bitcoin but also store bitcoin in their corporate treasury,” we’re seeing the cryptocurrency gain “some” of these characteristics. Brandt pointed out, some corporations are picking BTC over interest-bearing treasury bonds.
It’s worth noting Peter Brandt is well-known in the cryptocurrency for predicting in January 2018 bitcoin’s 84% decline throughout that year, from over $19,000 to little over $3,000 in a year-long bear market.
Earlier this month, Brandt had also made it clear he believes the bull run isn’t over, despite seeing the potential for significant price corrections along the way.