According to a recent tweet from a popular futures trader Peter Brandt, Bitcoin (BTC) price could increase ten times in two to three years from now.
Read CRYPTONEWSLAND onOn the contrary, the world’s largest cryptocurrency by market capitalization may carry on with its stretch of sideways trend for quite a while, Brandt said.
The futures trader’s latest prediction was posted in response to a tweet posted by long-time Bitcoin advocate Tuur Demeester. He claims that even if Bitcoin has a long-lasting period of consolidation, the top cryptocurrency rallies upwards “like nothing on this planet.”
Last week, Brandt tweeted that before Bitcoin could advance 10X, it would require an average of 33 months. Based on the previous market cycles, if history repeats itself (which Brandt doesn’t believe it will), BTC will skyrocket in May 2024.
Over the past few weeks, Bitcoin has been under pressure. For the first time since mid-March, its market value has dived below the $40,000 level on Monday.
Moreover, the connection between the tech-focused Nasdaq 100 and Bitcoin has reached thus far another record high not long ago. However, traders are bound to exit risky investments due to the increasing fear of the Federal Reserve being hawkish. The U.S. dollar index (DYX) went above 100 before cutting off some gains lately.
Bitcoin is exchanging in eagerness right now along with the other markets. The largest cryptocurrency’s dominance falls over 41%, which means that altcoins are now exceeding the performance of the top cryptocurrency.
At the time of writing, Bitcoin’s market value is at $40,410.22, showing a 1.06% increase in the past 24 hours.
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