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- Peter Brandt warns that another Bitcoin peak may take some time.
- He scolded bitcoin supporters for relentlessly pushing the cryptocurrency regardless of its price.
Veteran trader Peter Brandt has warned that bitcoin’s price corrections in the past have taken several months and that it may take some time for the crypto currency’s price to reach another all-time high. He scolded bitcoin supporters for relentlessly pushing the cryptocurrency regardless of its price.
He chastised bitcoin supporters for relentlessly pushing the cryptocurrency regardless of its price. “Cheerleaders who consistently beat the drums of ‘to the moon’ are doing BTC investors a big disservice,” the trader tweeted.
Assumptions and prediction
Brandt has been a futures and foreign currency broker since 1975. He is a chartist and the creator of Factor Report. He trades Dow futures, bonds, corn, crude oil, European wheat, Osaka Dow, US currency, and sugar, among other things.
Brandt’s tweet also included a graphic detailing major bitcoin price highs and the number of months it will take to surpass them. He specifically stated that it takes BTC 21 months to achieve the next new high in 2013, 40 months in 2017, and 36 months in 2020.
Bitcoin will reach $94K this year, according to a panel of finance experts at Finder.com. The panel expects BTC will be worth $192,800 by the end of 2025 and $406,400 by the end of 2030.
Meanwhile, Goldman Sachs, a major investment firm, has cautioned that the price of bitcoin is sensitive to an increase in interest rates by the Federal Reserve. UBS, Switzerland’s largest bank, warned of a crypto winter in January. Nonetheless, major investment firm JPMorgan forecasts a long-term price of $150K for BTC but believes its fair worth is $38K.
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Why are Bitcoin prices falling?
Bitcoin’s price has dropped below $41,000, with the entire cryptocurrency market trading in the negative following Russia’s threat to attack Ukraine. Ethereum and other major cryptocurrencies fell as investors continued to be concerned about inflation.
BTC, the world’s most popular cryptocurrency, was down 7.02 percent at $40,589.40. Ethereum, the second-largest cryptocurrency by market value, fell by 5.99 percent.
Bitcoin’s price is just as likely to fall back as it is to rise again. The future of bitcoin will almost certainly entail a lot more volatility, which experts believe long-term crypto investors will have to live with.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
