Brandt Sticks with Bitcoin Amid Altcoin Gains

Veteran trader Peter Brandt sees a potential for major gains in altcoins, but he is sticking to his focus on Bitcoin. In an interview, Brandt stated that he has about 50 years of experience in futures markets and prefers areas where he already has an edge.

Brandt pointed out a possible bullish setup in Bitcoin, calling it a 'bear trap immediately followed by a springboard.' He stressed that charts show possibilities rather than certain outcomes. Van de Poppe also backed the broader altcoin upside thesis, saying Ethereum could rally to $15,000-$20,000 this bull cycle.

Brandt sees a possible 10X, 20X gain in some altcoins but notes that he is not into alts and will focus on steadily increasing his net asset value (NAV) with drawdowns not exceeding 5% from peak to valley. He added that the total cryptocurrency market capitalization excluding Bitcoin closed at about $1.12 trillion near resistance around $1.17 trillion.

The chart formation could point to a much higher level if the market clears the resistance, Brandt said. A longer-term chart formation could suggest a target of 6.75 Trillion for the total cryptocurrency market capitalization excluding Bitcoin, which is a multiple of 6X from current levels.