Peter Brandt, veteran trader and founder of Factor LLC, recently tweeted that the next wild Bitcoin bull market will begin in May of 2024.
Brandt says, in his tweet, in the previous two times when Bitcoin advanced by 10 times or more, it took an average of 33 months until the next bull run kicked in. Going by that logic, the next bull run for BTC should ideally kick in by May of 2024.
However, he is not of the opinion that it will be the case, stating that he does not believe “history repeats itself.”
On Twitter in early March, Brandt and HEX creator Richard Heart got into a spat. Brandt slammed “hodlers” of Bitcoin, claiming that keeping the largest cryptocurrency for an extended period of time is meaningless. To return to the prior all-time high, the trader predicted that one would have to gain 400% each time, making the same money again and again.
Brandt’s post drew a fast response from Heart. Heart’s reply was rather astute, as he pointed out that volatility is what allows trading to take place, and it is also how Brandt makes his money.
The largest cryptocurrency, Bitcoin (BTC), is presently trading below $44,000. Bitcoin’s price reached a high of $69,000 in November, but it began to fall in early 2022. The primary reason for the decline was the US Federal Reserve’s shift to a more hawkish attitude on cryptocurrencies, creating an atmosphere of uncertainty among investors.
Mike Novogratz, CEO of Galaxy Digital, recently predicted that the Fed would stay “super hawkish” in the short term, but that this trend would not endure long. He believes that if the economy goes South, Bitcoin will soar “to the moon.”
At the time of publication, Bitcoin (BTC) was trading at $43,509.22.