• Peter L. Brandt, a career commodities trader, believes that Bitcoin is putting in a cycle low.
• Brandt famously called for an 80% decline in BTCUSD in late January 2018.
• He expects Bitcoin to work higher towards late 2023/early to mid 2024 when the ATHs are retested.
Peter L. Brandt, a career commodities trader, has recently made a bold prediction that Bitcoin is currently putting in a cycle low. This prediction has already been met with skepticism, however, given the impressive track record of accuracy with which Brandt has made related to his cryptocurrency bets in the past, there may be more validity to his claims than investors are ready to accept.
In a new TradingView post, currently trending on the charting platform’s editor’s picks section, Brandt states that the cycle lows for the crypto market are taking place “now.” Although he doesn’t directly state that the bottom is already in, he does believe that Bitcoin’s behavior is “predictable” and should see a strong advance after the recent, nearly 80% decline.
It is worth noting that Brandt famously called for an 80% decline in BTCUSD in late January 2018 after the 2017 parabolic advance was violated. This call ended up being eerily accurate, as the price of Bitcoin eventually dropped to just under $4,000 some eleven months later in December of the same year.
In regards to what Brandt expects for Bitcoin in 2023 and beyond, he believes that it won’t “run away to the upside” but will instead “work higher towards late 2023/early to mid 2024 when the ATHs are retested.” He also shared a chart to support this analysis, which shows Bitcoin likely to reach a new all-time high within the next few years.
In conclusion, Peter L. Brandt’s prediction that Bitcoin is putting in a cycle low has met with mixed reactions from the crypto community. While some investors remain skeptical, the accuracy with which Brandt has made related to his cryptocurrency bets in the past suggests that there could be more validity to his claims than meets the eye. Time will tell, however, if his prediction proves to be correct.