Bitcoin price to reach ATH in 3 years, after moving between $17k and $23k

  • In his statement, Peter Brandt, founder and CEO of proprietary trading firm Factor LLC predicted that Bitcoin could bottom at $13,000. 
  • However, it will take 32 months for investors to see substantial returns on their Investment.

Bitcoin is currently down by 0.17 percent and trading at $19,291. The asset has been trading within the $17,000 and $23,000 price zone for some time now after crashing down from its $69,000 all-time high. Speaking on the current price movement, Peter Brandt, founder, and CEO of proprietary trading firm Factor LLC, believes that the asset would move to and fro within this range throughout the next year.

We [will]just chop between … let’s say $17,000 and $23,000. I think we will bottom here at some point in time, maybe early next year, but then I’m not looking for Bitcoin really to become exciting again for another couple of years.

In his statement, Brandt predicted that Bitcoin could bottom at $13,000. However, it will take 32 months for investors to see substantial returns on their Investment. 

The crypto market has seen a severe pullback with most of the leading assets falling by over 90 percent from their all-time highs after the Terra ecosystem collapse. 

The market was subjected to additional pressure with the rising inflation and the  U.S. Federal Reserve’s interest rate hikes. The annual inflation rate of the US was around 8.2 percent in September. Some crypto platforms have been forced to shut down operations. However, others keep operating normally amid the market pullback. Currently, Investors and traders have a special interest in the Fed’s next meeting of its monetary-policy committee, the Federal Open Market Committee, or FOMC.

Follow us for the latest crypto news!

Bitcoin establishes a correlation with gold

The crypto winter is expected to be worse as Wall Street expects a fourth consecutive 75-basis point interest rate hike next month. In addition, smaller hikes could be seen after that. Brandt also has similar expectations as he does not see the interest rate hike dropping off. According to him, November 2 could see a 75-basis point increase and another 75 bps on December 14. 

I think that 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 down to at least 4%.

Subscribe to our daily newsletter!

          No spam, no lies, only insights. You can unsubscribe at any time.

Bitcoin has for the past years been seen as a risk-on asset. However, it has seen lower volatility compared to stock as traditional markets continue to suffer. Its correlation with gold, however, recorded its highest level in over a year. When Bitcoin was trading above $20,000 earlier this month with a 7-day surge of 3 percent, gold was also trading at $1,700 with a 3 percent surge over the same period.

According to Brandt, Bitcoin’s value is going to be separated from any other markets. Also, the digital asset would be regarded as an ultimate store of value in the next 10 years. 

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.

About Author

John's a cryptocurrency and blockchain writer and researcher with years of experience. He has a lot of interest in emerging startups, tokens, and the invisible forces of demand and supply. He holds a Bachelor's degree in Geography and Economics.

Comments are closed.