Popular Analyst Peter Brandt Predicts Bitcoin (BTC) Correction With Goldman Sachs Entry
On Monday, March 1, Wall Street banking giant Goldman Sachs announced that it will soon be starting a crypto trading desk owing to the rising institutional interest in the crypto space. Besides, looking at the rapid growth in the BTC price, the banking giant is also planning to offer its own Bitcoin futures.
However, popular trader Peter Brandt has warned investors against Goldman’s entry into the Bitcoin market. Back in early 2018 when BTC was trading at its then all-time high of $20,000, Goldman made a similar announcement but that never fructified due to major BTC correction later. While Bitcoin (BTC) is now trading at the highs of $50,000, Brandt asks investors to safeguard their money.
Us old-timers have learned that whenever @GoldmanSachs enters a market niche it is time to guard your money. $BTC pic.twitter.com/tHfRkS4igb
— Peter Brandt (@PeterLBrandt) March 1, 2021
However, many crypto players have misjudged Brandt’s statement thinking that Bitcoin (BTC) price has topped. Clarifying it, Brandt further writes:
“Most ppl assumed my implication is that $BTC has topped/is topping. This Tweet was intended to point out that Goldman’s involvement in any/all markets means the firm has figured out a new angle to take skin from their clients”.
Goldman’s statements on Bitcoin have been a bag of mixed views. Last year during May 2020 when BTC was recovering from its March 2020 crash, Goldman said that it is “not a viable investment option”. However, citing a major rally last month, Goldman said that Bitcoin (BTC) has matured as an asset class.
More Bitcoin Institutional Products Coming to The Market
Institutions and big market players have showered much praise on Bitcoin in recent times. After correcting to sub $46,000 levels last week, BTC has finally recovered 6% today and trading above $49,000. However, it is still struggling to break past the resistance of $50,000.
The price surge comes amid positive institutional developments taking place around Bitcoin on Monday. Yesterday, CBOE filed with the U.S. SEC to list and trade shares of VanEck Bitcoin ETF. The SEC has acknowledged the application and said that it is under consideration. NYDIG has also filed for a Bitcoin ETF with the SEC.
On the other hand, Fidelity director Jurrien Timmer noted that Bitcoin has strongly established its credibility as a “digital gold” and that it will take over the Gold market cap in some time. However, during last week’s BTC price correction the Grayscale Bitcoin Trust (GBTC) premium dropped 4%. On-chain data provider Glassnode writes:
“As more institutional BTC products come to market, it is likely that Grayscale’s product (and others) will not command as heavy of a premium in the future, as more options are made available for institutions to invest as close arbitrage gaps”.
- SEC Issues Guidance Enabling Ripple, Coinbase, BitGo to Qualify as Custodians
- Fed’s Goolsbee Cites Inflation Worries in Case Against Further Rate Cuts
- David Schwartz To Step Down as Ripple CTO, Delivers Heartfelt Message to XRP Community
- Michael Saylor Reveals Strategy’s Endgame To Accumulate $1 Trillion Bitcoin For Its Treasury
- CZ Hints at ‘Uptober’ Bitcoin Rally Following Green September
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
- Ethereum Price Eyes $8,600 As Institutions And Whales Double Down
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45
- Bitcoin Price Set to Rebound Ahead of US Government Shutdown, NFP Data
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
