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The Bitcoin price could increase ten times in two years from now, according to a recent tweet posted by prominent trader Peter Brandt.
Alternatively, the world’s largest cryptocurrency may continue its streak of sideways trading for a prolonged period of time, the chartist says.
Brandt’s most recent prediction was made in response to a tweet posted by long-time Bitcoin proponent Tuur Demeester who claims that the top cryptocurrency tends to explode “like nothing on this planet” after long-lasting periods of consolidation.
As reported by U.Today, Brandt recently forecasted that another Bitcoin “rocket stage” may be ignited in 2024 based on how previous market cycles have played out.
Bitcoin has been under pressure over the past few weeks, plunging below the $40,000 level for the first time since mid-March on Monday.
Meanwhile, the correlation between the tech-focused Nasdaq 100 and Bitcoin recently reached yet another record high. Stunned by an increasingly hawkish Fed, traders are rushing to exit risky assets. The U.S. dollar index (DYX) recently spiked above 100 before paring some gains.
The flagship cryptocurrency is trading in the greed together with the rest of the market.
Bitcoin’s dominance slipped to 41%, which shows that altcoins are outperforming the top cryptocurrency.
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at email@example.com.
Disclaimer: Any financial and market information given on U.Today is written for informational purpose only. Conduct your own research by contacting financial experts before making any investment decisions.