In his latest tweet, veteran commodity trader Peter Brandt warns that Bitcoin and other cryptocurrencies will have a “come to Jesus” correction one day.
The legendary chartist adds that fortunes and life savings will be lost, singling out people who don’t understand crypto and highly leveraged market participants as the biggest future losers.
Brandt’s growing frustration with “laser eyes,” a meme popular with Bitcoiners, even made him side with American comedian Bill Maher who lashed out at crypto and this year’s Oscars during the latest episode of his show:
Whether you believe BTC is the monetary savior of the world or a computer program Pet Rock, I think you might laugh AT or laugh WITH this video clip as hard as I did.
Brandt’s past calls
Even though overdramatic tweets are very on-brand for Brandt, he has a track record of prescient predictions.
In January 2018, for instance, he noticed that Bitcoin’s previous parabolic advance had been violated, which portended the start of a brutal bear market.
Some of Brandt’s price calls, however, went terribly wrong. Following the pandemic-driven crash in March 2020, he claimed that Bitcoin was more likely to go to zero than $100,000. The largest cryptocurrency is up almost 1,200 percent since Brandt’s doomy tweet.