Futures trader Peter Brandt, in his statement recently, claimed that the price of Bitcoin (BTC) will “ignite a bull rocket” in 2024, when the market cycles in the past period are examined.
In his new statement, the analyst drew an alternative path. Brandt said that the price of Bitcoin (BTC) may continue its horizontal course for a long time. “BTC price could either sideways for 2 or 3 years or start a 10x bull run.”
Brandt's latest prediction came in response to a long-time Bitcoin (BTC) proponent, Tuur Demeester's statement that "Bitcoin (BTC) price will explode after a long-term sideways move."
In response to someone on Twitter, Demesteer wrote:
"Zoom out ;-) Sure, bitcoin has long consolidation periods. But when it rallies it explodes upwards like nothing on this planet."
Bitcoin (BTC) price has been under pressure for the past few weeks and this week it dropped below $40,000 for the first time since mid-March. Bitcoin price is trading at $41.250 at the time of writing the news. Bitcoin (BTC) price is up 3.4% in the last 24 hours.
However, recently, the correlation between the tech-focused Nasdaq 100 and the BTC price had reached a record high. With the increase of the FED's aggressive attitude, investors started to abandon risky assets. The US dollar index, on the other hand, rose above 100, providing evidence for this. It seems that altcoins are outperforming BTC, with the dominance data of BTC falling by as much as 41%.
Number of Accounts Holding More Than 10,000 Bitcoins Decreased 4.6%
According to the statements made by cryptocurrency analyst Ali Martinez, the number of wallets with a balance of more than 10,000 Bitcoins has decreased by 4.6% in the last 4 days. Martinez also shared a Glassnode chart showing the decline in the number of wallets holding more than 10,000 BTC. The number of huge BTC whales dropped from 91 four days ago to 87 on April 11.