Peter Brandt said bitcoin will one day “step out of the shadow” of more traditional investment assets like stocks and gold. Moreover, while there is now talk of BTC correlating with the rates of these and other financial assets, in the future it will be bitcoin that will set the tone in the financial market.
“Correlating BTC with other markets will not be possible. Bitcoin will stand at the top of the food chain, and that’s all that will matter. It won’t matter how BTC correlates to gold, stocks, the economy, or anything else. What matters is how all these things will relate to bitcoin,” the trader tweeted.
Peter Brandt emphasized: US regulators will definitely approve the launch of spot bitcoin ETFs. Admittedly, says the analyst, such an endorsement could put pressure on bitcoin:
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“The inevitable approval of a bitcoin ETF in the US will not be news, halving BTC will not be an event. In 48 years of speculation, I have always been convinced that markets take events into account before they happen. Always follow the adage ‘buy on rumors, sell on facts’.””
In May, Peter Brandt said bitcoin could drop significantly in value before a new upward spurt.