According to a recent tweet by renowned dealer Peter Brandt, the value of Bitcoin might increase tenfold in the next two years.
Meanwhile, the world’s largest cryptocurrency might continue its run of sideways trading for an extended period of time, according to the chartist.
Brandt’s most recent statement was made in response to a tweet shared by long-time Bitcoin supporter Tuur Demeester, who believes that the most popular cryptocurrency tends to blow up “like nothing on this earth” following extended periods of consolidation.
According to U.Today, Brandt recently predicted that another Bitcoin “rocket stage” might be lit in 2024 based on how previous market cycles have played out.
Bitcoin has been under pressure in recent weeks, with the price falling below $40,000 for the first time since mid-March on Monday.
Meanwhile, the correlation between the tech-heavy Nasdaq 100 and Bitcoin has recently reached a new all-time high. Traders are rushing to get out of the hazardous property after being shocked by a more hawkish Fed. The dollar index (DYX) in the United States recently soared above 100 before reducing some gains.
Along with the rest of the market, the flagship cryptocurrency is buying and selling within greed.