Veteran Trader Forecasts Bitcoin Price to Reach $125,000

According to U.Today, veteran commodities trader Peter Brandt has made a bullish prediction for Bitcoin, forecasting that the cryptocurrency could reach $125,000. This year marks Brandt's 53rd anniversary of his first futures market trade, and he has described Bitcoin as 'the trade of a lifetime'. He stated that there has never been and may never be another market like Bitcoin. Brandt's first trade was futures contracts of pre-1964 Silver quarters and dimes on the New York Mercantile Exchange in 1971. Throughout his extensive trading career, he has traded various futures contracts, ranging from Corn to Gold, treasuries to Copper, Sugar to Palm Oil, Lumber to Cattle, stock indexes to shelled eggs, Iron Ore to Idaho Potatoes. In recent years, he added Bitcoin and some other cryptocurrencies like Ethereum to his trading portfolio. However, he often criticizes altcoins and firmly believes in Bitcoin as an asset. In a blog post, Brandt highlighted the uniqueness of the Bitcoin market. He described altcoins and meme coins as 'proliferations' that owe their existence to Bitcoin. He outlined several factors that make Bitcoin unique, including its non-hackable nature, limited quantity, global acceptance, trackability, and almost instant transactional capability. He also noted Bitcoin's price behavior as a significant factor, stating that Bitcoin is 'an attempted hostile takeover of the world’s currency system'. Brandt also pointed out that Bitcoin's price advances have often been parabolic in nature. He shared a chart showing that Bitcoin has been rising irreversibly since its inception, with even major corrections not breaking the ascending BTC line. According to the chart, the current ascending period started in late 2022 and continues now, with a price goal of $125,000.