Well-known trader and analyst Peter Brandt considers the market value of Bitcoin to be the most accurate indicatorwhen predicting the movement of quotes.
</p>According to the expert, all other marketindicators are based on the price of BTC, which deprives them of their own value. Moreover, the variety of data for analysis can confuse novice traders, he said.
Brandt added that daily viewing of largethe number of charts, most likely, will not give any useful information even to experienced traders. The analyst noted that over the past eight years, he remembers only about a dozen cases when many indicators gave any reliable signals about the movement of the price of bitcoin. Otherwise, Brandt believes, indicators do not say anything.
</p>Regarding future price forecastingBitcoin based on its current value, the expert cited one example. If quotes fall sharply after take-off to a certain level, this may entail a change in the prevailing trend.
With regard to derivatives, Brandt specified that he was not their opponent at all, but only opposed the use of many indicators.
</p>Recall that in late April, Peter Brandt called fools those who store funds in the stablecoin Tether.
Brandt also considers the current pandemic crisis an ideal storm for bitcoin.
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