Famous analyst Peter Brandt says he prefers to buy soy instead of Bitcoin (BTC).
Interesting choice of the analyst who knows Bitcoin (BTC)
The legendary trader seems to prefer soy over crypto at the moment. Senior trader Peter Brandt, who is famous in the cryptocurrency community, shared the name of an unrelated asset he wanted to buy, but later also recommended buying Bitcoin after making a profit. What is the legendary trader buying? Brandt has chosen a highly unusual financial asset for both crypto and equity traders: soybean futures. The tweet in which Brandt shared the chart of the asset has a classic technical pattern: the descending triangle.
No — buy Soybean futures $ZS_F
Then with your profits you can buy Bitcoin pic.twitter.com/79ooaml35Z
— Peter Brandt (@PeterLBrandt) December 21, 2021
Breaking the upper bound of the pattern reveals the possibility of an approaching volatility increase in favor of asset holders. Soybean futures are not the most popular asset on the market, with less than $100,000 in trading volume. However, the knowledgeable trader did not forget about the crypto community and offered to buy BTC with the profit from the soy deal. Some commentators noted that Brandt should focus on more mainstream crypto assets rather than niche trading instruments like soybean futures. With the start of the recovery in the cryptocurrency market, more and more traders are looking forward to buying various altcoins or Bitcoin itself. The largest cryptocurrency in the market has added 7% to its value in the past two days after breaking from another technical pattern, the falling wedge.