Bitcoin overview: Bitcoin is the king, altcoins will end up in a junk heap - Peter Brandt

A prominent cryptocurrency enthusiast and Bitcoin supporter Peter Brandt compared altcoins with a pile of junk that will end up forgotten by everyone.

"So many people have their favorite pet altcoin. It reminds me of the bidding war back in the days of the beanie babies -- and most of these pet coins will end up in the same garage sale junk heap,” he wrote in his Twitter account.  

A 71-year-old trading veteran Peter Brandt also believes that one Bitcoin would go for $67,193 for the total BTC capitalization to equal the value of gold reserves held by central banks.

"$67,193. This is what one $BTC will be worth if the composite value of Bitcoin (at 21 MM mined) equals the value of the 33k tonnes of Gold $GC_F #GOLD held by the world's central banks."

While Brandt is known as Bitcoin supporter, he refrains from overly optimistic forecasts, and he rightly warned that the upside momentum at the end of December 2018 was a temporary event.

Now he also believes that we will have another leg lower before the recovery sets in.

Meanwhile, Bitcoin is changing hands under $3,800, down 10% from the recent high reached $4,187. The first digital coin failed to gain momentum after a decisive breakthrough above $4,000 and $4,100, which means that the sustainable upside movement is less likely for the time being. 

Strong support is created by DMA50 on approach to $3,600 handle. If BTC passes this barrier, the sell-off is likely to gain traction with the next focus on $3,500 and $3,350. 

Meanwhile, on the upside, $4,000 and $4,200 are the two ultimate targets for the bulls in the short-run.

BTC/USD, 1D chart