Bitcoin is trading above $19k, but Peter Brandt believes it will reach $13k in the near term before setting a new all-time high three years from now.
Peter Brandt, founder and CEO of proprietary trading firm Factor LLC, told CoinDesk TV in a recent interview that he believes Bitcoin Will set a new all-time high in three years.
However, before doing so, bitcoin will first trade around $13,000. Bitcoin has been underperforming since the beginning of the year.
Since reaching an all-time high of $69k in November 2021, bitcoin has lost over 70% of its value. It has been trading below $20k in recent weeks, but its price remains near the $18k-$19k level. Brandt said;
“We [will] Just cut the middle…let’s say $17,000 and $23,000,” Brandt said. “I think we’ll be down here at some point, maybe early next year, but then again I don’t really see bitcoin becoming exciting again for a few more years.”
Peter Brandt is a technical trader who has been around since the 1970s. According to his predictions, it will take 32 months for Bitcoin to reach a new all-time high again.
There have been talks that the US Federal Reserve will stop increasing its interest rates. However, Brandt is not seeing that and expects a 75-basis point increase on November 2. This will be followed by another 75 bps increase on December 14. They said;
“I think the Fed knows that inflation is a killer. The Fed needs to regain its credibility. And to do that, I think the Fed really needs to bring inflation rates back to at least 4%.” needs to be brought.”
The cryptocurrency market has been mirroring other traditional financial markets, including stocks and commodities, in recent months. However, Brandt said that he believes bitcoin’s performance will be unparalleled in the long run. They said that;
“Bitcoin is going to be correlated with bitcoin eventually.”
The $13k low suggested by Brandt differs from his opinion of two months ago. in August, He suggested that bitcoin Could have reached its potential bottom at the time, with BTC trading at around $21k.