It’s time for the new and younger generation to invest in Bitcoin. At least, this is what veteran trader and popular commentator Peter Brandt recommends.
Brandt suggests members of the “Gen Z” should get a degree in an area where they may quickly find a well-paying job while avoiding student debt, if possible.
He referenced the largest cryptocurrency by market capitalization, Bitcoin, in his discussion on investment.
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Brandt believes that they should invest majority of their savings in the world’s most sought-after crypto asset and strong company equities.
Brandt stated that even if Bitcoin is still “generally” untrusted and unproven by a huge number of people as well as local governments as of present, it can implicate various trends which can lengthen invested value on a specific cryptocurrency.
Crypto As A Smart Investment
Brandt, the founder and chief executive officer of Factor LLC, has been trading commodities for over 40 years and has been a well-known analyst and investor since then.
His claim to fame was correctly forecasting Bitcoin’s sharp price drop in 2018. He has taken to Twitter to provide financial advice to Millennials and Generation Z.
He singled out Bitcoin as a good cryptocurrency investment in terms of current market viability.
Total crypto market cap at $1.711 trillion on the daily chart | Source: TradingView.com
Brandt’s Predictions On Bitcoin
According to Brandt, Bitcoin is almost halfway through its current bull market from a price low.
He pointed out that the long-term Bitcoin bull market is still intact. His technical analysis indicates that it may continue to rise, albeit with some corrections along the way.
Based on its long-term trend channel, he anticipates bitcoin will reach $180,000 to $200,000 by the third or fourth quarter of this year.
According to a recent Deutsche Bank poll, over a fifth of Bitcoin investors believe the cryptocurrency’s price would top $110,000 in five years.
Store Of Wealth
Brandt eagerly stated that rallies and corrections could be possible for the famed cryptocurrency because of his familiarity with its market trends and that Bitcoin is taking the role as a store of wealth and medium of exchange.
“It’s a binary bet. It will be the best of what people want it to become, or it will become nothing,” he said.
Still, as long as investors and people alike continue to set high standards and transactions on the cryptocurrency, it will act as it’s supposed to be — a medium for financial compliance.
Meanwhile, Bitcoin (BTC) is currently trading at around $39,130.05, representing a 1.54% increase over the last 24 hours.
According to Coindex Statistics, its highs have reached $40,222.40, while its lows have remained over the $37,000 barrier at $38,335.60.
Bullish patterns are predicted to emerge as March progresses, yet the current volatility rate may diminish bullish opportunities for Bitcoin due to global events and market shifts.
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Featured image from CNBC, chart from TradingView.com