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Peter Brandt: “Bitcoiners shouldn’t be excited about Goldman Sachs foray”

While the news about Goldman Sachs restarting its cryptocurrency was met with a flurry of excitement, veteran trader Peter Brandt recently offered his sobering take, claiming that the bank’s entry into any market is usually a bad omen.

Us old-timers have learned that whenever Goldman Sachs enters a market niche it is time to guard your money.

The major Wall Street player initially intended to set up a trading desk in late 2017. As Brandt highlights on his chart, this also coincided with Bitcoin reaching the apex of the previous bull run.

Peter Brandt
Image by @PeterLBrandt

The chartist clarifies that he doesn’t necessarily think that Bitcoin is going to top out here, but Goldman’s foray doesn’t mean that it’s bullish on the top cryptocurrency: 

Most ppl assumed my implication is that $BTC has topped/is topping. This Tweet was intended to point out that Goldman’s involvement in any/all markets means the firm has figured out a new angle to take skin from their clients.

Last month, Brandt tweeted that Bitcoin was in the middle of its third parabolic advance.

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