3 crypto analysts, who are famous for their predictions, evaluated the Bitcoin price action. Experts made various predictions, such as the date when the BTC price will start its bull run. Let’s examine together.
Peter Brandt: “Bitcoin bulls will wait for years”
Famous cryptocurrency trader Peter Brandt recently shared a Twitter post. The tweet included Brandt’s predictions about the BTC price. Accordingly, the famous trader suggested that Bitcoin will not reach a new all-time high until the beginning of 2024. According to a well-known chartist, it is possible for Bitcoin to enter a “major uptrend” by then.
However, Brandt predicts further declines for Bitcoin in the short term. Accordingly, the trader predicts that BTC will fall if it fails to close the weekly chart at the high of May 31. He says that if this happens, Bitcoin will fall as low as $12,700. However, the trader also acknowledges that the support of the leading cryptocurrency at the $20,000 level is very solid. Accordingly, the probability of the worst-case scenario not happening is quite high.
US dollar to gain strength this year
Meanwhile, Brandt forecasts the US dollar index (DXY) to rise further this year. A rise in DXY means the US dollar strengthens against other assets and markets. Last month, the dollar hit a two-year high against other fiat currencies. In fact, the trader predicts that the index will go as high as 119. Accordingly, if the dollar index reaches 119 points, it will show that the US dollar has entered its strongest period since February 2002. Such a strong gain in value means a drop for risky assets like Bitcoin. Therefore, it is possible for the cryptocurrency market to fall further.
Scott Minerd: “Bitcoin price may see $8,000”
Guggenheim Partners co-founder and managing partner Scott Minerd was another analyst evaluating Bitcoin price. Minerd, who is the Global Chief Investment Officer of his company, says that it is possible for the BTC price to drop as low as $8,000. As Cryptokoin.com reported, Bitcoin fell to $ 24,744 on the Bitstamp exchange. This is the lowest level since December 2020 for the leading cryptocurrency. Also, the leading altcoin is exhibiting similar price movements in Ethereum. Accordingly, ETH has reached a record low of $1,292 as of this morning. The leading altcoin is trading well below its all-time high.
Peter Schiff: “This is the only level BTC price will ever see”
Euro Pacific Capital CEO and economist Peter Schiff predicted the near future for Bitcoin price. Schiff is among the famous economists who criticize BTC instead of gold. Schiff, as always, does not believe that the world’s flagship cryptocurrency will rise. The famous economist used Twitter this time to express his negative views on the BTC price. Davinci Jeremie, an early adopter of Bitcoin and Ethereum, asked people’s opinions on the BTC price. Jeremie asked if BTC would drop to $2,000 first or rise to $200,000. Peter Schiff responded to Jeremie’s post. He said that the only target Bitcoin can reach is $2,000. He also claimed that “Bitcoin will never reach $200,000.”
The economist then again examined the price of Bitcoin and Ethereum on Twitter. Accordingly, the Gold supporter predicts that both cryptocurrencies will continue to decline. Schiff predicts that Bitcoin will likely fall to $20,000. In addition, the leading altcoin Ethereum expects to see $ 1,000. If this happens, the crypto market cap will have dropped from its ATH of $3 billion to $800 million. The famous economist advised investors not to buy any cryptocurrency during this process.
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