Legendary trader Peter Brandt attended a post on Bitcoin (BTC) the other day. The expert named the date he expects the bear market to end. The analyst stated that for the next year and a half, BTC will continue its tedious movements, but may eventually hit the record high. Here are the details…
Analyst expects “boring moves” for Bitcoin for a while
cryptocoin.com As we have reported, the largest cryptocurrency has been stuck in a certain range since the summer. While the coin was at $30,000 in April and May of this year, it has been hovering between $18,500 and $23,000 as of June. This drop of BTC caused it to trade as much as 72 percent below the record level of $69,044 it exhibited in November last year. Recently, many investors and traders have been wondering how long this process will continue.
Peter Brandt is known for being in the market for a long time and making good moves in the stock market. In recent years, he also conveys his comments on Bitcoin. We will see similar “boring” movements in BTC over the next year and a half, according to his statements in a recent post he participated in. But we will eventually reach the all-time high (ATH).
Bottom expectation with $13,000 in BTC
Brandt says that currently the levels between $ 17,000-23,000 will continue for a while. He points out that maybe we’ll hit rock bottom at some point. He doesn’t think we will see exciting moves in BTC for a few more years after that. However, he believes that we will see a change in the price of BTC from now on. According to Brandt, who has been a trader for nearly 50 years, it will take 32 months for BTC to reach a record high. But by then, BTC will break out of that range and fall as low as $13,000.
The price of Bitcoin has come under pressure due to the Fed’s rate hikes to curb inflation. The next rate meetings will take place on November 2 and December 14. Some point to the quotations that Fed officials are now on the path of monetary policy softening. Others think that the rate hike will continue for a while. Brandt is also among those who did not see a decrease in interest rate hikes. It thinks there will be a 75 basis point increase in November. It then expects a 75 basis point increase on December 14. He states that this must be done in order for the Fed to regain its credibility and reduce inflation to at least 4 percent.
Will BTC and stock market correlation change?
Bitcoin is seen as a “risky” asset, a sign of the market’s risk appetite. However, BTC has seen lower volatility compared to stocks. Meanwhile, BTC’s correlation with gold, considered a safe-haven asset during market volatility, reached its highest level in over a year. Still, Brandt said he expects Bitcoin’s value to be “different from other markets.” He stated that BTC will eventually be in correlation with BTC. He also said that he sees the coin as the “ultimate store of value” in the next 10 years.
