Famous financial analyst Peter Brandt analyzed the current situation of Bitcoin from a wide window in his latest post on TradingView. Brandt believes that Bitcoin’s recent rise will end at some point. According to the chart of the famous analyst, Bitcoin bottomed last year, but it is still early for a rally frenzy.
Analyzing Bitcoin’s historical price movements, Brandt expects the real big rally to begin in late 2023 and early 2024.
“Bitcoin has become predictable, with multiple parabolic rises followed by an 80% retracement period. I don’t expect BTC to go into space in the coming days, my main expectation is that the frenzy will start in late 2023 or early 2024.”
The analyst, who is well known by the crypto community, had received harsh criticism for his previous predictions. Brandt got a lot of backlash when he announced that he expected a drop of about 80% in January of next year, while everyone else went crazy during the mega rally in 2017. But time vindicated the analyst, and the analyst earned great respect. Peter Brandt isn’t just interested in cryptocurrencies. Peter Brandt is a name that has been followed in the commodity trade for years.