Despite outlining bitcoin as his largest long position, prominent commodities trader Peter Brandt has warned that history could repeat itself, and the asset may be heading for a steep correction. Simultaneously, Brandt commented on the ongoing short-squeeze of silver and said that the metal is his second-largest position. Brandt Mentions a Possible Bitcoin Retracement The first-ever crypto enjoyed the end of 2020 with substantial gains that only intensified at the start of 2021, where bitcoin headed towards the uncharted territory and painted a fresh all-time high of about $42,000. However, the digital asset has failed to sustain its high price and has retraced with several thousand dollars since then. Moreover, legendary commodities trader Peter Brandt recently “made an observation” that further corrections could be stored for bitcoin in the near future. He based his “observation, not a prediction” on past behavior. More specifically, Brandt touched upon BTC’s sharp decline following the 2017 bull run, which ended with a record price of nearly $20,000 at the time. As bitcoin was at the start of its year-long bear market in late January 2018, Brandt tweeted regarding the asset’s violation of parabolic advance and warned about a potential 80% decline to below $4,000. Although the community refuted his claim, the cryptocurrency indeed followed his bearish prediction and bottomed below $4,000 in late 2018. His charts now seem somewhat similar, which raised concerns about a mimicking possible correction. Should BTC indeed proceed with such an 80% drop from its $42,000 top, it could plunge below $10,000. Nevertheless, Brandt made sure to issue a disclaimer, saying that his “observations” do not reflect his positions. He proved this after highlighting that bitcoin is currently his “largest single position.” Brandt On The Silver Short Squeeze Brandt, who’s also the author and publisher of the Factor Report, commented on the ongoing craze about silver – his second-largest position. The Reddit group behind the recent GameStop and Dogecoin pumps – WallStreetBets – decided to try their hands with something substantially more challenging – the precious metal market. They went for silver’s futures contracts, which skyrocketed earlier today to nearly $30 – the highest level in six months. Thus, they doubled-down on their endeavors to short-squeeze the Wall Street giants who have initiated short positions on various asset classes. Despite the impressive increase, Brandt outlined that WallStreetBets’ silver target is at $102. Consequently, he noted that there’s still a lot of room to grow and pointed out that the gap advance could “go down into history as un unfilled breakaway gap.”
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