Many people are not impressed with cryptocurrency hodlers due to the perception they leave in the minds of others, and experienced crypto trader Peter Brandt is no exception.
Brandt left no stone unturned as he took a dig at Bitcoin hodlers by stating that the action of keeping a massive amount of the most prominent digital currency for an extended period does not make any economic sense. He added that such activities are not enough to prevent Bitcoin from declining over the years.
According to Brandt, he is not attracted to repeatedly making the same amount of money for some time. According to his estimates, the BTC would need to rise above 400% before it could fully regain its value in the event of an 80% price slump.
I'm NOT a fan of hodling Bitcoin $BTC
Bitcoin has history of 80% declines, 4 in 11 years
A hodler needs 400% each time to return to ATH
I hate having to make the same money over and over and over again. Hard enough the first time
OK trolls, troll pic.twitter.com/7xp158zTA9
— Peter Brandt (@PeterLBrandt) March 2, 2022
The Concept Of Hindsight 20/20
It has been a recurring theme that investors in the Bitcoin network are always unwilling to sell because of an imminent regret that may later surface. Furthermore, trading at the time of price correction is too complex, which explains why many sellers decide to go with hodling.
However, Brandt added that the cycle tops of Bitcoin are easy to recognize. Given the clarity of the entire crypto market, the veteran trader believes that investors are not ready to risk an 80% market correction because it does not appeal to their belief in trading in cryptocurrency.
The veteran crypto trader also provides some insight into identifying a top signal by strangely claiming that the so-called “laser eyes” Bitcoin users always add to their individual Twitter profiles to anticipate the push to the $100,000 price level, which is a sure guide.
Notwithstanding Brandt’s rather vague explanation of how to identify a top signal, the fact is that it is practically impossible for any industry player to spot a full signal and present it as a sure-proof hint that prices would appreciate on some days.
The volatile nature of Bitcoin has made it rather impossible for even experienced traders to make an accurate prediction of price movement and the period price is expected to appreciate or when to expect a market correction.
Bitcoin’s Positive Run Halted
The world’s recovery of the largest crypto has stalled after the BTC reached the $45,000 support price mark. But U.Today reported that a director at Fidelity Investments, Jurrien Timmer, recently revealed that Bitcoin previously formed a bottom pattern that may signal an imminent price appreciation to the traders.
Another experienced trader, John Bollinger, is reported to have detected a bullish pattern on the BTC’s weekly price chart to corroborate the previous statement made by Timmer.
Following its all-time high of $69,000, last recorded in November, Bitcoin has yet to replicate its previous market performance despite the recent bullish trend the token has enjoyed.
Even with the current market recovery the crypto industry is experiencing; it is not enough to see Bitcoin’s value reach half of its previous milestone. It may be a matter of time before BTC recovers its total momentum.