• Peter L. Brandt, a career commodities trader, is claiming that the current cycle low for the crypto market, including Bitcoin, is now.
• He is basing this call for a bear market bottom on his past accurate predictions regarding cryptocurrency.
• He believes that Bitcoin’s behavior is “predictable” and should see a strong advance after the recent, nearly 80% decline.
Peter L. Brandt, a veteran commodities trader, recently declared that the current cycle low for the crypto market, including Bitcoin, is now. This call for a bear market bottom is being met with skepticism, however, Brandt’s chilling accuracy when making related calls in the past gives his latest prediction more weight.
Brandt is no stranger to the crypto market. In late January 2018, he called for an 80% decline in BTCUSD after the 2017 parabolic advance was violated. Eleven months later, his prediction of a sub-$4,000 Bitcoin price came true. He is now looking to the future, predicting that Bitcoin will not “run away to the upside” but rather will “work higher” toward late 2023 or early 2024 when the ATHs are retested. To support this analysis, he shared a chart on TradingView.
Brandt’s prediction of a Bitcoin cycle low comes as the cryptocurrency market is still reeling from the impact of the pandemic. Since its all-time high in December 2017, Bitcoin has lost over 80% of its value. The market has been in a steady decline since the beginning of the year, but recently the cryptocurrency has seen a minor recovery.
The veteran commodities trader believes that this recovery is only the beginning, and that Bitcoin is well-positioned to make a strong comeback in the coming years. His predictions are based on his past success in calling market bottoms and tops, as well as his analysis of Bitcoin’s behavior.
Only time will tell if Brandt’s predictions will come true, but given his track record of success, it’s likely that many investors will be keeping a close eye on his latest call for a cycle low in the crypto market. Only with the passing of time will it become clear if Bitcoin has, in fact, reached the bottom of its current bear market.