Analysts have been offering conflicting predictions about the future of Bitcoin (BTC) ever since the asset’s price surged to a 3-month high of $48,000 on March 28, 2022.
While some believe that BTC is on the verge of another major bull run, others say that last month’s rally is unsustainable and that a correction is due.
Prominent commodity trader Peter Brandt falls into the first camp, believing that even if the apex cryptocurrency continues its streak of sideways trading in the near term, its price will eventually rise to new heights.
In response to a tweet by long-time Bitcoin proponent Tuur Demeester, who claims that after long periods of consolidation, BTC tends to explode “like nothing on this planet,” Brandt said that Bitcoin could increase 10x from its present levels of $40,000 in the next 2-3 years.
“Bitcoin either congests for 2 to 3 years or goes on a 10X-plus run,” the chartist said.
Bitcoin either congests for 2 to 3 years or goes on a 10X-plus run pic.twitter.com/K4lXhjFSQp
— Peter Brandt (@PeterLBrandt) April 13, 2022
Brandt recently forecasted that based on historical data related to Bitcoin bull cycle patterns, hodlers will have to wait until 2024 for BTC‘s next price surge.
“The past two times BTC advanced 10X or more required an average of 33 months before the next stage of the rocket kicked in,” Brandt explained in a tweet on April 6, noting that data shows bitcoin may not reach its next ‘rocket stage’ until 2024.
While there is no guarantee that Bitcoin will continue to rise in value, it’s important to remember that this digital currency is still in its early stages.
Considering the current trends and how more businesses are starting to accept Bitcoin as a form of payment, it’s likely that this cryptocurrency will only become more popular in the years to come.
As of press time, BTC is changing hands around $39,900, down 3% in the last 24 hours. The $756 billion market cap crypto is down more than 42% from its all-time high of $69k reached in early November. Several analysts including BitMEX co-founder Arthur Hayes, have predicted that BTC might dip around the $30,000 mark.
Disclaimer: The information provided is not trading advice
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