Buying Bitcoin Might Be Good Call For The Young, Legendary Trader Peter Brandt Says
11 März 2022 - 8:10PM
NEWSBTC
Bitcoin was rejected north of $40,000 after a short live rally push
it into previous highs. Persistent selling pressure and uncertainty
around the global situation, and an incoming shift in central banks
monetary policy, seems to be taking a toll on the crypto market.
Related Reading | Bitcoin Falls Below $40,000 Trimming The
Gains From US Crypto Order As of press time, Bitcoin trades at
$38,790 with a 1.2% loss in the last 24-hours. Via Twitter,
legendary trader Peter Brandt gave “Gen Z” life advice and talked
about the importance of making monthly savings in Bitcoin, stocks,
and solid companies. As the world enters a period of potentially
further uncertainty, Brandt’s message to younger generations was
just to simply “HOLD”. With decades of experience trading the
legacy financial system, Brandt also advice “Gen Zers” to think
about the market as a “hobby”. In that sense, he advised them to
“secure a good job”, to be “frugal”, to get a degree on an area
which can provide jobs opportunities, and to stay active in the
market while hoping for lower prices in solid assets. As he advised
younger generations to avoid student debt, the Legendary trader
said: Getting a university degree is HUGELY over-rated. Entering a
skilled trade is a very legitimate career path. Have a friend whose
child just signed a $200k bonus as high-tolerance computerized
lathe engineer. Current market conditions could turn unfavorable
for new Bitcoin or crypto traders, the price of the benchmark
crypto has been moving sideways, without clear direction, since the
start of 2022. In that sense, other investment strategies could
result more favorable. Brandt added reiterating his, sometimes
controversial, position in the crypto market as a whole: I am also
very favorable toward rental income property. Between quality
stocks and crypto I prefer quality stocks. Crypto is still unproven
IMO. Avoid 8hitcoins and jpgs. Hope for a bear market so that
stocks can be bought cheaply. Bitcoin Reacts To Macro Factors, What
Could Break The Range In the short, Bitcoin’s price action seems to
have been influenced by events in the White House as U.S. President
Joe Biden signed an executive order regarding cryptocurrencies.
BitBank’s analyst Yuya Hasegawa believes BTC experienced a “sell
the fact” event. The upside momentum of the last week had a similar
origin, as Hasegawa said: The Treasury’s statement to the executive
order had been temporarily leaked on Wednesday, which turned out to
be a positive revelation for the crypto industry and sent the price
of bitcoin from $39k to around $43k, but the president’s signature
triggered rounds of sell orders as if short-term traders were
waiting for that moment. However, sellers were reinvigorated by a
hike in inflation expectations, the analyst added. The U.S.
Consumer Price Index (CPI) continues to trend higher alongside
commodities: The rising inflation and high commodity prices are
pushing up inflation expectations, while pushing down real yields
on treasury bonds, which is likely one of the reasons why bitcoin
has been maintaining a range-bound move. Related Reading | Bitcoin
Outflows Spike As 30k BTC Exits Exchanges, Reserve Plunges Down
BTC’s price will continue to be affected by the performance in the
stock market, and could benefit from a cease fire in the
Russia-Ukraine conflict.
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