Legendary Trader Peter Brandt Says Bitcoin Is His Biggest Position

According to the trader’s own post, one of the largest positions held by Brandt is Bitcoin. But in the thread in which he mentioned this fact, Brandt promoted a clip from “Real Time with Bill Maher” where the host pokes fun at the cryptocurrency industry and some coins, including Dogecoin.

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Brandt added that it was funny that just a few weeks after the episode went live, Bitcoin hit a local high of $57,000, showing just how oversaturated the market was given the variety of scam projects, inherently worthless NFT collections, and DeFi projects.

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After the crypto community turned on the veteran trader, he clarified that Bitcoin is still one of his most important positions, despite having lost more than half of its value in the past few months. Brandt later added that he used a different risk management strategy for the separate “money pot” authorized at the end of 2018.

Another important position for Brandt is gold at this point, as half of his 60% is gold, and Bitcoin is considered a hedge against all investments shown in USD.

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Comment sent Bitcoin in the market today?

Despite all the negativity around the cryptocurrency market, digital gold is showing signs of strength as BTC has moved back above the $23,100 price threshold. Bitcoin has been in an uptrend for 24 days, which is why it’s safe to say that the first cryptocurrency is in a short-term uptrend.

Considering three successful trend tests, we can clearly say that the first cryptocurrency is supported by bulls in the market, and with the help of institutional investors, digital gold could reach new highs.

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