Veteran Trader Who Accurately Predicted 2017 Bitcoin Price Crash Warns There Will Be No New All-Time High Until 2024
Peter Brandt, a veteran trader, predicts that Bitcoin, the largest cryptocurrency by market capitalization, will not reach a new all-time high until 2024. In addition, Brandt argues that it would be part of a massive price increase.
Brandt tweeted, “In my opinion, Bitcoin will not reach a new ATH until early 2024, but by then it will be in a massive rally.” The most recent analyst pronouncements may provide followers with a sense of when the current crypto winter cycle may finish. It is important to note that prior crypto winters lasted an average of four years.
Brandt’s warning follows a previous tweet in which the market expert said that Bitcoin was close to finishing a bearish flag formation, signalling further downside potential. “This chart might become a classic illustration of the well-known ‘Drano’ chart pattern until Bitcoin closes above the May 31 high,” Brandt tweeted.
Brandt has a long history of accurately anticipating the price declines of the largest cryptocurrency asset. Notably, the seasoned trader was among many who predicted Bitcoin’s precipitous price decline in 2017 and has often contrasted the asset’s current price swings to those at its peak in 2017.
As reported by ZyCrypto a little over a week ago, the analyst had said that a price correction of 80 percent for Bitcoin was not impossible, implying that the price might go as low as $12k. This week, however, the analyst looks more positive as he reacted to a remark suggesting that the digital asset may find major support at the $20,000 price level. Brandt tweeted, “In my opinion, the support at 19k to 20k will be quite sturdy if we drop that low.”