Cryptocurrency markets aim to close 2021 with a rise. Bitcoin (BTC) is aiming to rise again above the $49,000 level and the 49,500 resistance. So what about the future advice of popular traders? The analyst, who is quite well-known in economic circles, advised his followers to buy this instead of Bitcoin (BTC).
Buy This Instead of Bitcoin (BTC)!
Senior analyst Peter Brandt, who is famous within the crypto community, shared the name of an asset that has nothing to do with crypto that he wants to buy. Brandt has chosen a highly unusual financial asset for both crypto and stock traders. So what is this investment?
Soybean futures, Brandt shared the asset’s chart and said the price could move higher in the short term. An economist who turned the 2008 crisis into an opportunity had invested all his earnings in water. Maybe they will be right?
Breaking the upper bound of the pattern opens up the possibility of an approaching volatility increase in favor of asset holders. Soybean futures are not very popular, with trading volumes under $100,000.
Peter Brandt Bitcoin (BTC) Commentary
Popular economist Brandt did not forget about the crypto community and suggested buying Bitcoin with profits from investing in soy. 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 investors are entering various altcoins. We can see this from the rising RSI levels. Sellers got tired and surrendered the markets to the enthusiasm of the buyers, albeit for a short time. The largest cryptocurrency in the market has gained 7% in value over the past two days after breaking another technical pattern, the falling wedge.
Other cryptocurrencies and altcoins showed more significant success in the market, with Shiba Inu rising to 22% in value, LUNA growing 66% last week, and Avalanche breaking the 30% threshold.