Legendary trader PeterLBrandt warns Bitcoin traders against catching a falling knife
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.
Of course, Brandt cautions that he does not believe that market conditions are the same. After all, there was a clear cause for the silver crash: Nelson Bunker and William Herbert Hunt, the heirs of American oil mogul H.L. Hunt, were forced to offload their vast holdings due to new COMEX limits after aggressively buying the metal in the 1980s.
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