Photo: Peter Brandt Twitter
Veteran trader Peter Brandt predicted that the next raging Bitcoin bull market would launch in May 2024.
Brandt explained in his tweet that it took an average of 33 months for Bitcoin to start another bullish phase after the end of previous advances.
Brandt added that the largest cryptocurrency is expected to recreate its past boom-and-bust cycles despite an unpredictability in price.
Bitcoin is currently trading below the $44,000 level on top spot exchanges. In November, its price peaked at $69,000 but entered a downturn in early 2022 due to the US Federal Reserve becoming stricter on cryptocurrencies.
Mike Novogratz, Galaxy Digital CEO, also predicted that the US Federal Reserve would remain “super hawkish” in the short term. But he doesn’t expect this situation to last for long and adds that he is sure that Bitcoin could go “to the moon” once the economy goes south again.
Brandt made a case last March against holding Bitcoin due to its severe drawdowns. He 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 again.
But Permabulls, like MicroStrategy CEO Michael Saylor, claim they do not respect traders, arguing that holding Bitcoin will pay off in the long run.
