- Expert trader Peter Brandt said Bitcoin is just another market to be traded like beans.
- Peter Brandt noted the devaluation of the dollar has only just begun.
- However, the latest analysis came after Biden’s $19 trillion relief package came.
Trader Peter Brandt said that Bitcoin is just another market to be traded, like beans. Despite many analysts claiming its rally is too overstretched. His bullish case is formed on the assumption that the purchasing power of the US dollar is continuing to diminish.
Bitcoin is trading in the green this Sunday, soaring to an intraday high of $50,877 earlier today.
The largest cryptocurrency dropped to the $46,000 level when the global bond confusion tanked the equities market. It then managed to end the day in positive territory after the US stocks staged a significant comeback near the trading session.
Peter Brandt shows his 435,100 Twitter followers that he understands Bitcoin, along with other assets, will remain to thrive in bull territory amid the depreciation of the US dollar.
Brandt’s latest analysis comes after the US Senate gave President Biden’s $ 1.9 trillion COVID stimulus package a nod. Bitcoin bull Anthony Pompliano says the aid package will have a massive impact on the US dollar and Bitcoin value.
40% of all dollar inflow will be created in 12 months after that $ 1.9 trillion gets to the people. In the short-term, Brandt understands that Bitcoin is on the way to a new all-time high.