Commodity trading legend Peter Brandt couldn’t resist the temptation to stir some buzz on crypto Twitter during the weekend.
In his recent tweet, he once again weighs in on the great descending triangle of 2019, but the majority of his followers couldn’t read between the lines.
One thing I have learned from 45 years of trading:— Peter Brandt (@PeterLBrandt) September 21, 2019
Markets have a tendency to do what the most number of market participants least expect and don't want to happen.
Descending triangles are most often bearish. $BTC pic.twitter.com/bKlYPke8AA
The great triangle debate
Just two weeks ago, Brandt claimed that Bitcoin might have already entered its fourth parabolic phase. The famed chartist projected that BTC could hit more up to $140,000 during its next bull run, which would be still considered a conservative prediction by venture capitalist Tim Draper.
He later tweeted about a descending triangle, a major bearish chart pattern that could serve as a harbinger of future losses. While still being long on BTC, he insisted that he couldn’t ignore this formation as a swing trader.
This time, he also pointed out that markets tend to behave contrary to everyone’s expectations, adding that descending triangles tend to be bearish.
“A millennial spanking”
Some of Brandt’s followers were up in arms about his seemingly bearish call, claiming that everyone actually expects BTC to go down because of technical analysis.
Meanwhile, some Bitcoin bears were celebrating the fact that now they have a trading vet on their team.
A group of people where laughing at me, when I called below 7k to 5.5k USD 2 months ago.— D4rkEnergY 🔥🔥 (@D4rkEnergYYY) September 21, 2019
Now the legend @PeterLBrandt him self, says the same. Interesting indeed.
Are the same people still laughing?
However, those who misunderstood his tweet eventually ended up with an egg on their faces after Brandt sarcastically thanked his mostly millennial audience and admitted his “mistake.”
Thanks to all of you who corrected me on this Tweet. How stupid of me to think that the majority of BTC traders were expecting higher prices, when in fact they expect prices to go down. Once again I took a millennial spanking.— Peter Brandt (@PeterLBrandt) September 21, 2019