Veteran trader Peter Brandt believes that the price of the largest cryptocurrency could explode again in 2024
The chartist explains that it took an average of 33 months for Bitcoin to start another bullish phase after the end of previous major advances.
Brandt expects the largest cryptocurrency to recreate its past boom-and-bust cycles despite how unpredictable its price seemingly is.
The largest cryptocurrency is currently trading below the $44,000 level on top spot exchanges. The price of Bitcoin peaked at $69,000 in November, but it then entered a downturn phase in early 2022. The U.S. Federal Reserve adopting a more hawkish stance toward cryptocurrencies was the main culprit behind the correction.
As reported by U.Today, Galaxy Digital CEO Mike Novogratz recently predicted that the Fed would remain “super hawkish” in the short term, but he doesn’t expect this trend to last for a long period of time. He is certain that Bitcoin could go “to the moon” once the economy goes south again.
Last March, Brandt made a case against holding Bitcoin due to its severe drawdowns. The trader estimated that one would need to gain 400% each time to return to the previous all-time peak, thus making the same money over and over.”
Permabulls such as MicroStrategy CEO Michael Saylor, however, claim that they do not respect traders, arguing that holding Bitcoin will pay off in the long run.