Next Bitcoin “Rocket Stage” Will Be Ignited in 2024, Says Veteran Trader Peter Brandt

Alex Dovbnya

Veteran trader Peter Brandt believes the price of the largest cryptocurrency could explode again in 2024

In a recent tweetVeteran trader Peter Brandt says the next raging Bitcoin bull market will begin in May 2024.

Image by @PeterLbrandt

The chartist explains that it took an average of 33 months for Bitcoin to enter another bullish phase after the end of previous big advances.

Brandt expects the largest cryptocurrency to recreate its past boom-and-bust cycles, despite how unpredictable the price may seem.

The largest cryptocurrency is currently trading below the $44,000 level on top exchanges. The price of Bitcoin peaked at $69,000 in November, but entered a downward phase in early 2022. The US Federal Reserve, which took a more aggressive stance on cryptocurrencies, was the main culprit behind the correction.

As reported by U.Today, Galaxy Digital CEO Mike Novogratz recently predicted that the Fed would remain “super hawkish” in the near term, but he doesn’t expect this trend to continue for long. He is sure Bitcoin could go “to the moon” once the economy moves south again.

Last March, Brandt made a case against Bitcoin holding due to its severe declines. The trader estimated that one would need to win 400% each time to get back to the previous record peak, making the same money over and over again.

However, permabulls like MicroStrategy CEO Michael Saylor argue that they disrespect traders, arguing that holding Bitcoin will pay off in the long run.

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