Cryptocurrency analyst Peter Brandt, who is closely followed by the masses, believes that the price of the leading cryptocurrency Bitcoin (BTC) may explode again in 2024. Here are the statements of the popular crypto analyst on the subject…
Analyst: The next Bitcoin bull market is in May 2024
In a recent tweet series, veteran crypto trader and analyst Peter Brandt said: He claimed that the next Bitcoin bull market will start in May 2024. The chart expert states that it takes an average of 33 months for the leading coin to start another bullish phase after the previous major advances have ended.
Brandt expects the largest cryptocurrency to recreate past bullish and bearish cycles, no matter how unpredictable its price may seem. On the other hand, Bitcoin is currently trading below the $44,000 level on top spot exchanges. Bitcoin’s price peaked at $69,000 in November. But then it entered a phase of decline in early 2022. The more aggressive stance of the US Federal Reserve (FED) towards cryptocurrencies is thought to be the main reason behind the drop in BTC.
What is on the agenda of the BTC market?
Galaxy Digital CEO Mike Novogratz recently predicted that the Fed will continue to adopt more aggressive policies in the short term. However, he does not expect this trend to continue for long. The CEO of the famous company states that he is confident that Bitcoin can go to the “moon” when the economy falls again. Last March, Brandt filed a lawsuit against holding Bitcoin due to its serious declines, as we previously reported on Kriptokoin.com.
The cryptocurrency trader predicts that to return to Bitcoin’s previous all-time high, it would be necessary to earn 400 percent each time, thereby earning the same coin over and over. However, long-time bull investors such as MicroStrategy CEO Michael Saylor claim that they do not respect traders, arguing that holding Bitcoin will work in the long run.
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