Renowned technical analyst and head of Factor LLC Peter Brandt has forecast Bitcoin’s return to a bull market in May 2024.
The past two times $BTC advanced 10X or more required an average of 33 months before the next stage of the rocket kicked in
If history repeats itself (which I do not believe it will), the next rocket stage will be ignited in May 2024
What do you all think? pic.twitter.com/ONyWQW5Uf8
— Peter Brandt (@PeterLBrandt) April 6, 2022
Historically, it took an average of 33 months after the end of the growth phase before the next rally began, Brandt calculated. He doubted that history would repeat itself—one of the postulates of technical analysis.
Bitcoin reached an all-time high of $69 000 in November 2021. Subsequently, as the Fed policy tightened, the cryptocurrency market slid into a bear market.
Earlier, Brandt noted that he had given an accurate forecast for the price of digital gold by mid-2021. On the BitcoinEconomics diagram, the expectations of many analysts dating back to 2013 are presented in chronological order. Green marks indicate those that had materialized by 2020.
Maybe I am not ALWAYS wrong as my trolls suggest $BTC https://t.co/4ASv51hD5K pic.twitter.com/NCg8ycEQbe
— Peter Brandt (@PeterLBrandt) April 6, 2022
As reported, Galaxy Digital founder Mike Novogratz warned, that Bitcoin would take off again once the Fed pauses its tightening of monetary policy.
According to the chart of the expected trajectory of the federal funds rate, the Fed could raise borrowing costs in the economy during 2022-2023.
Earlier, Huobi co-founder predicted a bear market for Bitcoin through the end of 2024.
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