Veteran analyst Peter Brandt says that Bitcoin (BTC) is not going to take very long to reach new all-time highs (ATHs).
Brandt, whose crypto reputation was made by calling Bitcoin’s 2017 collapse, is shooting down a prediction by pseudonymous crypto analyst Cheds that Bitcoin is unlikely to hit $50,000 within 90 days.
Says Cheds,
“In case you are wondering: BTC highly unlikely to come even close to $50,000 in the next 90 days, let alone $1 million.”
In response to Cheds’ Tweet, Brandt says,
“Some smoke too much wacky.”
Brandt says he is predicting Bitcoin will reach new all-time highs within 12 months.
“All predictions are just guesses. My guess is that Bitcoin is 12 months away from new ATHs.”
He points to the historical performance of Bitcoin, saying his forecast is in line with the duration of prior market cycles.
“Dangerous to have opinions that are without fact. New ATHs in April-June 2024 would be very much in line with past cycles. The amount of disinformation in crypto is amazing to me.”
Brandt says he is not basing his prediction on next year’s halving event for Bitcoin when the new supply of BTC is reduced by half, which he says is not as important as some suggest.
“Halving is waaaaaaaaaay overrated and a non-event.”
Bitcoin is worth $28,086 at time of writing.
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Source: https://dailyhodl.com/2023/03/22/legendary-trader-peter-brandt-says-bitcoin-btc-likely-targeting-new-all-time-high-heres-his-timeline/