Peter Brandt, founder, and CEO of proprietary trading business Factor LLC stated on Monday on CoinDesk’s “First Mover” program that Bitcoin is uninteresting and would probably remain utterly boring for the next year and a half. However, BTC price will eventually experience all-time highs after that, he predicted.
“We [will] essentially chop between … let’s say $17,000 and $23,000,” said Brandt. “I hope we will bottom here at some point in time, maybe early next year,” but after that, “I’m not looking for bitcoin to truly become exciting again for another couple of years,” he said. “I think we will bottom here at some point in time.”
As per the analyst, it will take 32 months For BTC Price to reach new ATH, until then, the bottom price is expected to be $13,000.
Fed Rate Increase Could Impact Bitcoin Price
The aggressive interest rate increases made by the U.S. Federal Reserve in an effort to cool this year’s soaring inflation have put pressure on the price of bitcoin.
Brandt said he didn’t foresee a slowdown in interest rate hikes and predicted a 75-basis point increase on November 2 and another 75-basis point increase on December 14.
Apparently, he also argues that the Fed is aware of how deadly inflation is and it has to establish its credibility again. This can happen if FED reduces inflation rates to at least 4%. In September, the United States had an annual inflation rate of 8.2%.
Brandt anticipates bitcoin’s value to “be distinct from what any other market is going to do. Regardless of the notion that bitcoin’s fate is related to the market’s risk appetite, Brandt predicted that cryptocurrency will be the “ideal store of wealth” in 10 years.
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