It is 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 that members of “Generation Z” should get a degree in an area where they can quickly find a high-paying job and avoid student debt, if possible.
He referenced the largest cryptocurrency by market capitalization, Bitcoin, in his investment discussion.
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Brandt believes they should invest most of their savings in the world’s most sought-after crypto assets and stocks of strong companies.
Brandt stated that even if Bitcoin is still “generally” unreliable and untested by a large number of people and local governments at present, it may imply various trends that can lengthen the value invested in a specific cryptocurrency.
Crypto as a smart investment
Brandt, the founder and CEO of Factor LLC, has been trading commodities for more than 40 years and has been a well-known analyst and investor ever since.
His claim to fame was correctly forecasting the sharp drop in the price of Bitcoin in 2018. He has taken to Twitter to provide financial advice to Millennials and Generation Z.
He pointed to Bitcoin as a good cryptocurrency investment in terms of current market viability.
Total Crypto Market Cap at $1.711 Trillion on Daily Chart | Source: TradingView.com
Brandt’s Bitcoin Predictions
According to Brandt, Bitcoin is almost halfway through its current bull market from a price floor.
He noted that the long-term Bitcoin bull market is still intact. The technical analysis of it indicates that it may continue to go higher, albeit with some corrections along the way.
Based on its long-term trend channel, he anticipates Bitcoin reaching $180,000 to $200,000 by the third or fourth quarter of this year.
According to a recent survey by Deutsche Bank, more than a fifth of Bitcoin investors believe that the price of the cryptocurrency will exceed $110,000 in five years.
Brandt enthusiastically stated that rallies and corrections could be possible for the famous cryptocurrency due to its familiarity with market trends and that Bitcoin is taking on the role of a store of wealth and medium of exchange.
“It is a binary bet. It will be the best that people want it to be, or it will become nothing,” she said.
Still, as long as investors and individuals continue to set high standards and transactions in cryptocurrency, it will act as it is supposed to: a means to financial compliance.
Meanwhile, Bitcoin (BTC) is currently trading around $39,130.05, which is up 1.54% over the last 24 hours.
According to Coindex Statistics, its highs reached $40,222.40, while its lows remained above the $37,000 barrier at $38,335.60.
Bullish patterns are anticipated to emerge as March progresses, but the current rate of volatility may lessen the upside opportunities for Bitcoin due to global events and market changes.
Related article | Bitcoin on track to hit $100,000 within nine months, Bitbull CEO predicts
CNBC Featured Image, Chart from TradingView.com
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