Analyst Peter Brandt: “Bitcoin Will First Bottom At This Level, Then Will Break The Record On This Date!”

Peter Brandt, founder and CEO of trading firm Factor LLC, said in a statement Monday. of bitcoin He said it is dead and will likely be dead for the next year and a half, but will eventually hit all-time highs.

Peter Brandt Claims 32 Months For The Next Rally In Bitcoin

Brandt continued his statements as follows:

“Let’s say we’re going to go between $17,000 and $23,000. I think at some point, maybe early next year, we’ll hit bottom here, but then I don’t expect Bitcoin to get exciting again for a few more years.”

Bitcoin (BTC) price was hovering around $19,200 on Monday and has been below $20,000 for over two weeks.

The respected technical investor, who has been in the business since the 1970s, estimates that it will take 32 months for BTC to reach its all-time high. Until then, the biggest cryptocurrency He said he expects his unit to bottom at $13,000.

Brandt Says He Expects Fed To Continue With Rate Increases

Bitcoin price has come under pressure from the US Federal Reserve’s sharp rate hikes this year to curb high inflation. The eyes of traders and investors in the markets are at the next meeting of the Federal Open Market Committee (FOMC), the Fed’s monetary policy committee.

Wall Street expects a fourth consecutive 75 basis point rate hike in November, followed by possibly smaller increases, according to data from CME’s Fed funds futures contracts.

However, Brandt said that he does not think rate hikes will decrease and he expects another 75 basis points increase on December 14 after a 75 basis point increase on November 2:

“I think the Fed knows that inflation is a killer. The Fed needs to regain its credibility. In order to do this, I think the institution should reduce its inflation rates to at least four percent.”

The latest US annual inflation rate measured in September was 8.2%.

*Not investment advice.