Veteran Analyst Peter Brandt Says Enthusiasts Should Expect ‘One More Blowoff’ In Bitcoin’s Price Action As He Predicts Price Bottom.
Veteran market analyst Peter Brandt has cautioned market participants to expect ‘one more blowoff’ in Bitcoin’s price.
Brandt said this in a CoinDesk TV’s First Mover video released on Monday, highlighting that it is the first time Bitcoin has dropped below the high formed in a previous bull market.
“The interesting thing in Bitcoin is that we never had a bear market that travels below the peak of the previous bull market; this is the first time…”
While the analyst agrees that Bitcoin’s price has some support, around $18k, BTC will remain boring till next year.
“I see bitcoin as a boring market for the next year and a half. We will just chop between, let’s say $17,000 and $23,000…”
Peter expects the Bitcoin market to take out that support, leading to a “final panic.” According to Brandt, Bitcoin will likely find a bottom at the $13k price point.
It is worth noting that despite Brandt’s bearish outlook in the short term, the analyst still believes that the asset will go on to create new all-time highs in the future. However, Brandt believes from the highs of April 2021, BTC will take at least 32 months to make new highs again. So, according to Brandt, the next bull for BTC may come in late 2023 or early 2024.
Furthermore, while trends usually show Bitcoin correlating with other markets, for example, stocks for most of the year due to macroeconomic concerns and now an increased correlation with Gold, Brandt believes that the asset will eventually move separately from other markets.
“Bitcoin will be correlated with bitcoin eventually,” said Brandt. According to the analyst, Bitcoin will become the “ultimate store of value” in the next ten years.
Notably, Brandt’s latest analysis is consistent with his previous analysis in June and analysis from Justin Bennett, CMCC Crest’s Willy Woo, and several CryptoQuant analysts.
It bears mentioning that yesterday, CryptoQuant analyst Maartun highlighted that long-term holders (LTHs) currently hold 75% of all Bitcoin, a level last seen in October 2015, noting that the transfer of Bitcoin from inexperienced investors to LTHs is not yet complete. According to Maartun, this process will take some time and needs to be completed before a new cycle can kick off.
This is important in bearmarkets, where coins are shifting from younger, less experienced market particupants to the long-term holders.
This proces will take time, but when it has completed #Bitcoin can start a new phase.
— Maartunn (@JA_Maartun) October 24, 2022
Notably, the completion of this process will be easily triggered by another bout of panic selling, as described by Brandt.
Bitcoin is trading at the $19,313.54 price point as its tight-ranging price movement continues. It is down 0.05% in the last 24 hours.