Cryptocurrency trader Peter Brandt claims that Bitcoin is likely to start another bullrun in 2023
In a recent tweet, cryptocurrency trader Peter Brandt predicted that Bitcoin will not reach a new all-time high until early 2024.
The cryptocurrency is expected to enter “a giant uptrend” by that time, according to a prominent chartist.
That said, Brandt remains bearish in the short term. In fact, he thinks the world’s largest cryptocurrency could drop as low as $12,700 if it doesn’t close above the May 31 high on the weekly chart. Still, the trader admits that the $20,000 support is “very strong,” meaning the most bearish scenario remains unlikely for now.
In the meantime, Brandt is convinced that the U.S. dollar index (DXY) is going to surge even higher later this year. Last month, the greenback reached its highest level in two decades against the basket of other fiat currencies. In fact, Brandt believes that it may soar to as high as 119, which would be the highest level since early February 2002.
Such a sharp rise in the dollar would likely be extremely bearish for risky assets such as Bitcoin, which is why the cryptocurrency market could drop significantly lower.
As reported by U.Today, Scott Minerd predicted that the Bitcoin price could end up revisiting the $8,000 level during the ongoing bearish cycle.
Earlier today, Bitcoin crashed to $24,744, the lowest level since December 2020, earlier today on the Bitstamp exchange.
Meanwhile, rival Ethereum dropped to $1,292, trading far below its record high.
