Veteran trader Peter Brandt has voiced his doubts about the potential influence of the US Clarity Act on Bitcoin's price trajectory. According to the results published in the material, he emphasized that while the legislation is important, it is unlikely to significantly alter Bitcoin's valuation.
Brandt's Perspective on Regulation
Brandt pointed out that the regulation of an asset is not a revolutionary development for dedicated investors. His comments came in response to White House crypto czar David Sacks, who suggested that the Clarity Act could be passed by Congress as early as January. Despite the optimism surrounding the bill, Brandt believes it will not propel Bitcoin back to its previous all-time high, although he acknowledges it as a crucial advancement for the cryptocurrency sector.
Market Reactions and Predictions
Echoing Brandt's perspective, Ledn's Chief Investment Officer, John Glover, remarked that the market has likely already factored in the potential passage of the Clarity Act, indicating that any positive price movements may take time to materialize. Furthermore, Brandt highlighted the current bear market for Bitcoin, forecasting a possible decline to $60,000 by 2026. This underscores the cautious sentiment among traders in the crypto space.
The Federal Reserve recently announced a rate cut and Treasury purchases, a move that contrasts with the cautious sentiment expressed by traders regarding Bitcoin's future. For more details, see the full article here.
