Peter Brandt Prefers Buying Soy Over Bitcoin, Here's Why
Veteran trader Peter Brandt, famous within the cryptocurrency community, has shared the name of an asset that is not related to crypto that he is willing to buy, but then he also recommended buying Bitcoin after taking profits.
What does the legendary trader buy?
Brandt has chosen quite an unusual financial asset for both crypto and stocks traders: soybean futures. The tweet in which Brandt posted the asset's chart has a classical technical pattern: descending triangle.
Buy Bitcoin???No -- buy Soybean futures $ZS_FThen with your profits you can buy Bitcoin pic.twitter.com/79ooaml35Z— Peter Brandt (@PeterLBrandt) December 21, 2021
The breakthrough of the upper border of the pattern suggests the possibility of an upcoming volatility increase in favor of the asset holders. The soybean futures are by far not the most popular asset on the market with less than $100,000 of the trading volume.
But the savvy trader did not forget about the crypto community and suggested buying Bitcoin with profits from the soy deal. Some commentators noted that Brandt should focus on the cryptocurrency assets that are more widespread rather than such niche trading tools as soybean futures.
Digital assets on the rise
With the beginning of the recovery on the cryptocurrency market, more traders are looking forward to buying various altcoins or Bitcoin itself. The largest cryptocurrency on the market has gained 7% to its value in the last two days after breaking from another technical pattern, the falling wedge.
Other cryptocurrencies and altcoins have shown more significant results on the market, with Shiba Inu gaining 22% to its value, LUNA growing by 66% over the last week and Avalanche breaking through the 30% threshold.Source