Veteran trader Peter Brandt believes the price of the biggest cryptocurrency could explode again in 2024
In a recent tweetSeasoned trader Peter Brandt says that the next fiery bitcoin bull run will begin in May 2024.
Chartist points out that it took an average of 33 months for Bitcoin to start another bullish phase after the end of the previous major advances.
Brandt expects that the largest cryptocurrency will recreate its past boom-and-bust cycles, despite how unpredictable its price is.The largest cryptocurrency is currently trading below the $44,000 level on top-ranked exchanges. The price of bitcoin peaked at $69,000 in November, but then entered a bearish phase in early 2022. The US Federal Reserve took a more drastic stance towards cryptocurrencies, which was the main culprit behind the reform.
As U.Today reports, Galaxy Digital CEO Mike Novogratz recently predicted that the Fed will remain “super hawkish” in the short term, but he doesn’t expect the trend to last long. He is certain that bitcoin could “go to the moon” once the economy goes south again.
Last March, Brandt made the case against holding bitcoin due to its severe downside. The trader estimated that a return to the previous all-time peak would require a gain of 400% each time, thus making the same money over and over again.
However, Permabulls such as Microstrategy CEO Michael Sayer claim they do not respect merchants, arguing that holding bitcoin will pay off in the long run.