Veteran trader Peter Brandt stated that the US Clarity Act would benefit the industry, but likely will not “redefine” Bitcoin’s price is believed.
Veteran trader Peter Brandt expressed that the prospective enactment of the US Clarity Act is improbable to substantially impact Bitcoin’s price, following indications that it could clear Congress as soon as January was asserted.
“Is it a world-shaking macro development? Nope. Needed for sure, but not something that should redefine value,”
Brandt on Friday.
“Having an asset regulated, particularly an asset for which die-hard investors never wanted to be regulated, is not an earth-shattering event,”
he added.
His comments followed White House crypto and AI czar David Sacks, who declared on Thursday, “We are closer than ever to enacting the landmark crypto market structure legislation,” it was reported.
“We look forward to finishing the job in January,”
Sacks said.
Clarity Act Already Reflected in Market Prices, Says Executive
While Brandt does not deem the Clarity Act a spur that will drive Bitcoin BTC back to its all-time high of $125,100, he stressed that the legislation represents a significant advancement for the wider crypto industry. “The Clarity Act would be positive because the regulatory structure for crypto assets would be substantially illuminated,” he noted.
Mirroring a similar sentiment to Brandt, Ledn’s chief investment officer, John Glover, conveyed that the potential passing of the Clarity Act has already been internalized by the market it was revealed.
“I do not anticipate this event to substantially influence the markets on day 1,” Glover asserted, adding that any benefits to price action are likely to be more deferred it was noted.
“It is another step toward broad-based acceptance of Bitcoin and ETH as investable assets, so over time I still expect the price trajectory to be up and to the right over time,”
Glover said.
Brandt conjectured that Bitcoin is in a bear market, though he indicated the Clarity Act might render his “downside bias is moderate” it was stated.
Brandt Warns Bitcoin May Drop to $60,000 by 2026
“I hold that the charts indicate Bitcoin might decline to the $60k level, presumably in Q3 of 2026,” he affirmed. That would constitute a 31% decrease from Bitcoin’s price at the time of publication of $88,000, as reported by CoinMarketCap it was disclosed.
The bill has preoccupied not only the crypto industry but also pro-crypto lawmakers it has been observed.
On Dec. 9, Wyoming Senator Cynthia Lummis, a member of the US Senate Banking Committee and one of the most eminent congressional proponents advocating for digital asset market structure, stated her desire to initiate the next step in advancing the bill in the coming days it was noted.
The senator conveyed the crypto industry “experienced a little concern” regarding the bill’s progress, mentioning that drafts were “modified frequently every few days” during bipartisan discussions it was heard.
