Legendary Trader Peter Brandt Critiques Ethereum: Insights from U.Today

Peter Brandt, a veteran commodity trader, recently initiated a discussion on social media regarding Bitcoin patterns and potential price movements.

He expressed his skepticism about Bitcoin reaching $44,000, pointing out the significance of a Double Top pattern he observed on a price chart. Brandt posed a question to his followers on whether they believe Bitcoin has completed this pattern, noting that if it has, a minimum price target of $44,000 would be anticipated, as it typically indicates a reversal.

However, in the follow-up comments, Brandt acknowledged that the Double Top pattern is not yet confirmed for Bitcoin, as not all required conditions have been met.

In another part of the discussion, Brandt responded to a critique from Ferruh Danaci, founder of Sypheon Online, who disparaged Bitcoin and advocated for Ethereum. Danaci described Bitcoin as “useless” and labeled it a “toy for whales,” while praising Ethereum’s utility. In response, Brandt used a dismissive emoji to characterize Ethereum’s value.

Throughout his commentary, Brandt has consistently shown a preference for Bitcoin, often criticizing Ethereum in his earlier posts this year. Nonetheless, he stated that, as a trader, he would consider trading Ethereum if there was an opportunity for profit.