Renowned Trader Peter Brandt Discloses Long Position in Bitcoin

In a recent post, renowned trader Peter Brandt disclosed that he has a long position in spot Bitcoin, demonstrating his continued confidence in the cryptocurrency.

- Peter Brandt, a well-known trader, has revealed a long position in spot Bitcoin, continuing his positive outlook on the cryptocurrency.

- The announcement comes with a broader disclosure of his trading book, including long entries in Swiss francs and short positions in Russell 2000 Index futures, along with setting orders in commodities like coffee and cotton.

- Brandt's Bitcoin position aligns with the current market and technical observations. The most popular cryptocurrency recently breached $110,000, exceeding its previous all-time high (ATH).

- While retail investors might be thrilled by that number, for seasoned market players like Brandt, the ATH is a confirmation of momentum, not a mere milestone. It suggests that Bitcoin has not only recovered from its last decline but is also venturing into new price territory with potential for further ascent.

- The 26 EMA provides strong support for Bitcoin's upward movement on the daily chart, and the volume is still high but not euphoric. Crucially, a trend reversal is confirmed over a longer period of time by the golden cross that was formed earlier this month when the 50-day EMA crossed above the 200-day EMA.

- The RSI stands at 76, indicating some overextension, but not to a degree that would immediately warrant panic or reversal signals. Despite the rally, Brandt's comment that Bitcoin is "not very extended" suggests he anticipates further upside. In contrast, many traders focusing on retail have overbought concerns and might be uneasy with recent vertical moves.

- Longing Bitcoin and the Swiss Franc while shorting Russell demonstrates a hedged strategy, leveraging macro tailwinds and protecting his risk-balanced exposure against broader equity volatility.

- The next barrier for Bitcoin could be encountered between $112,000 and $115,000 as the market continues to react to macroeconomic conditions like inflation and interest rates.

- Yet, with rising institutional sentiment and experienced players like Brandt entering or deepening their positions, the market might gain further momentum.

- Brandt's action is noteworthy as it showcases how, even for an experienced trader with decades in the domain, holding Bitcoin in the present market scenario makes sound financial sense.