Veteran trader Peter Brandt believes one precious metal is heading much higher in value.
The legendary trader tells his 835,400 followers on X that palladium is likely to print more rallies, but warns it may first retrace more than 17% from its current value.
“Palladium goes much higher, either from here or after a dip back toward $1,650-$1,700.”
Palladium is trading for about $1,768 per ounce at time of writing, down more than 6% on the day.
Next up, the trader says that platinum may be on the verge of a correction after a massive breakout.
“PMs (precious metals) have entered blow off tops. Impossible to pick the top in a blow off and never try to short the top. Blow offs can go a long way price wise, but we are close to intermediate top time wise. Time stamp this if you are one of the immature rookies that do that type of thing…
Not saying this is the top or the top forever. Only novice chumps would understand me that way – and you are not in that camp. I think precious metals go much, much higher but way too many high priced bulls that think they got it all figured out.”
Platinum is trading for $2,265 per ounce at time of writing, down more than 1% on the day.
Lastly, the trader warns that Bitcoin (BTC) may have a deep correction based on prior cycles while he predicts the next cycle top will occur in nearly four years.
“There has never been anything like Bitcoin, and may not ever be anything like it again. In 15 years BTC has experienced five parabolic advances on a log scale followed by at least 80% declines (current cycle not done yet)…
I have already projected the next bull market high to occur in Sep 2029.”
Bitcoin is trading for $87,554 at time of writing, down marginally on the day.
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