Don’t Trade, Buy Bitcoin: Legendary Trader Peter Brandt

Veteran trader Peter Brandt has a message for anyone new to the markets: do not trade, just buy Bitcoin. In a recent post on X, Brandt – who has been trading for over 40 years – said that beginners would be better off avoiding the day-to-day noise. Instead, he suggests putting money into broad market ETFs like SPY and QQQ, and even adding Bitcoin to the mix.

It is a clear recommendation, especially from someone who is known for their deep technical analysis and pattern recognition. But according to Brandt, most people are not built for trading and end up losing money trying to outsmart a market that outsmarts them instead.

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His advice? Keep it simple: build long-term positions and leave the fast moves to the pros.

However, there is one interesting nuance to his opinion.

Bitcoin on verge of 75% crash to $30,000 BTC

Just a week before this latest post, Brandt shared a technical chart suggesting that the Bitcoin price could be about to drop majorly. His point was that there is a sideways consolidation pattern forming near Bitcoin’s recent highs – around $104,000 – that looks a lot like the one seen in late 2021, just before the market crashed. 

If the pattern repeats itself, Brandt warned that BTC could potentially fall as much as 75%.

Some expressed concerns, pointing out stronger fundamentals and rising production costs for miners. Brandt was not convinced. He likened Bitcoin to commodities like gold and wheat, saying that production costs do not set market prices – supply and demand do.

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Even though the chart is looking bearish, Brandt’s core message has not changed. He is not saying to avoid Bitcoin, just to stop trying to trade it. To him, the real risk is not in holding Bitcoin long-term, it is in overestimating your ability to time it right.

In a world where hype, leverage and fast money are the name of the game, Brandt’s advice is a breath of fresh air: do not play unless you understand the rules – and even then, it might be better to sit it out.