Prominent trader Peter Brandt believes that the Bitcoin price could 10x from where it is sitting right now
Alternatively, the world’s largest cryptocurrency may continue its streak of sideways trading for a prolonged period of time, the chartist says.
Brandt’s most recent prediction was made in response to a tweet posted by long-time Bitcoin proponent Tuur Demeester who claims that the top cryptocurrency tends to explode “like nothing on this planet” after long-lasting periods of consolidation.
As reported by U.Today, Brandt recently forecasted that another Bitcoin “rocket stage” may be ignited in 2024 based on how previous market cycles have played out.
Bitcoin has been under pressure over the past few weeks, plunging below the $40,000 level for the first time since mid-March on Monday.
Meanwhile, the correlation between the tech-focused Nasdaq 100 and Bitcoin recently reached yet another record high. Stunned by an increasingly hawkish Fed, traders are rushing to exit risky assets. The U.S. dollar index (DYX) recently spiked above 100 before paring some gains.
The flagship cryptocurrency is trading in the greed together with the rest of the market.
Bitcoin’s dominance slipped to 41%, which shows that altcoins are outperforming the top cryptocurrency.