Peter L. Brandt is the founder and CEO of Factor LLC, a global trading company where he trades proprietary capital, foreign exchange, futures, fixed income, and equities markets. He has authored books and is always one of the active members who make predictions in the crypto industry.
He spoke out about those who have recently placed their hopes and formed their market views based on the S&P500 index’s trend line.
Brandt Explains About Magic Line
According to Brandt, the “magic line” investors have drawn on numerous charts has been making the rounds in the cryptocurrency and trading communities for the past few weeks. If this line were to break, it would indicate that the entire market—clearly including cryptocurrencies, given that their correlation with the majority of stocks has been at an extremely high level since 2021—would be in the process of turning around.
Source: https://coinpedia.org/opinion/prominent-analyst-peter-brandt-debunks-magic-line-crypto-market-theory/