Veteran trader Peter Brandt is not just charting markets; he is charting life choices in one of his latest posts. As a legend in trading, Brandt surprisingly suggests that most people should ditch their day trading dreams, live simply and invest smartly. Bitcoin still has a role, just not the one most people think.
Thus, for Brandt, trading is the “wrong path” for 95% of people. Instead of going for quick gains on the screen, he suggests focusing on a real-world skill — plumbing, engineering, sales, veterinary work, you name it.
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Then there is the rest of the plan that sounds a bit old school, but here’s the idea: live within your means, get married, have kids, buy a duplex and rent out half of it. Then invest monthly with a sharp split:Â 80% in the S&P 500 via SPY and 20% in Bitcoin.
When you are someone who has been in the game for decades in the world of commodities and crypto markets, such a portfolio is a whole different story. It is not anti-Bitcoin; bear in mind that the trading veteran chose cryptocurrency over gold in his investment tip.
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In fact, the 20% allocation shows that Brandt still sees BTC as a crucial part of the long-term wealth puzzle. It is more of a reality check for those who are glued to candlestick charts, thinking they will beat the market every day.
It is worth keeping in mind, though, that a few weeks ago, Brandt predicted that Bitcoin might be following the same path it took in 2022, which ended in a massive 75% drop. His chart comparison showed that BTC’s current consolidation has potential topping behavior, which threatens the $30,000 price point for BTC currently.