The Analyst Who Knows Every Step Of Bitcoin: The Rise On This Date!

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 boring movements, but it may finally record a record level. Here are the details…

Analyst expects “boring moves” for Bitcoin for a while

Koindeks.com As we reported, the largest cryptocurrency has been stuck in a reasonable 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 decline of BTC caused it to process 72 percent below the record level of $ 69,044, which it displayed in November of 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. According to his statements in a broadcast he participated in, we will see precedent “boring” movements in BTC over the next year and a half. But we will eventually reach the all-time high (ATH).

Base expectation with $13,000 in BTC

Brandt says that the levels currently in the middle of $17,000-23,000 will continue for a while. He states that we will probably hit the bottom at some point. He doesn’t think we will see exciting moves in BTC for a few more years after that. But 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 its record level. But until then, BTC will drop out of the promised 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 softening in monetary policy. Others think that the rate hike will continue for a while. Brandt is also in the middle of not seeing a decrease in rate hikes. It thinks there will be a 75 basis point increase in November. Subsequently, it expects an increase of 75 basis points on 14 December. He states that this must be done in order for the FED to regain its credibility and to 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 saw lower volatility compared to stocks. In the middle, BTC’s correlation with gold, which was considered a safe-haven asset during market volatility, reached its highest level in over a year. Still, Brandt said he expects the price of Bitcoin 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.

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