Buying Bitcoin Dip? Peter Brandt Has Cautionary Lesson
While a lot of Bitcoiners think that the ongoing sell-off presents more opportunities for stacking cheaper sats, veteran chartist Peter Brandt warned traders against catching a falling knife in a recent tweet.
The legendary commodity trader, who started his career all the way back in 1976, says that it is not prudent to add more to a losing trade.To support his argument, he points to the fact that a lot of people were tempted to buy silver cheaper in 1980 after the price of the metal reached a peak of $50.35 per ounce and started declining precipitously. Sadly for dip-buyers, the price continued crashing all the way to $3.65 per ounce. On March 27, 1980, silver infamously collapsed from $21.62 to $10.80 per ounce.Source