3 Analysts Provided the Numbers for Bitcoin: No ATH Until This Date!
3 Cryptocurrency analysts known for their predictions have rated Bitcoin price action. Experts made various predictions such as the date when BTC price will start its bull run. Let’s investigate together.
Peter Brandt: “Bitcoin bulls will wait for years”
Famous cryptocurrency trader Peter Brandt recently shared a Twitter post. The tweet included Brandt’s predictions on the BTC price. Accordingly, the famous trader hinted that Bitcoin will not reach a new all-time high until early 2024. According to a well-known chartist, it is possible for Bitcoin to enter a “major uptrend” by then. However, in the near term, Brandt predicts further declines for Bitcoin. Accordingly, the trader predicts that if the weekly chart fails to close at the May 31 high, BTC will fall. He says Bitcoin will drop as low as $12,700 in that case. However, the trader also concedes that the leading cryptocurrency’s support is very solid at the $20,000 level. The probability that the worst-case scenario will not occur is correspondingly high.
USD to strengthen this year
Meanwhile, Brandt predicts that the US Dollar Index (DXY) will continue to rise this year. A rise in the DXY means the US Dollar is strengthening against other assets and markets. Last month, the dollar hit a two-year high against other fiat currencies. In fact, the trader predicts the index will go as high as 119. Accordingly, if the dollar index reaches 119 points, this shows that the US dollar has entered its strongest phase since February 2002. Such a strong increase in value means a decline for risky assets like Bitcoin. Therefore, it is possible that the cryptocurrency market will continue to fall.
. Another analyst evaluated. Minerd, his company’s global chief investment officer, says it’s possible for the BTC price to drop as low as $8,000. Bitcoin fell as low as $24,744 on the Bitstamp exchange. This is the lowest level since December 2020 for the leading cryptocurrency. The leading altcoin is also showing similar price action in Ethereum. Accordingly, ETH hit a record low of $1,292 this morning. The leading altcoin is trading well below its all-time high.
Peter Schiff: “This is the only level BTC price will ever see”
Peter Schiff, CEO and Economist of Euro Pacific Capital, is close Bitcoin price predicted the future. Schiff is among the famous economists to criticize BTC over gold. Schiff, as always, does not believe that the world’s flagship cryptocurrency will go up. The famous economist took to Twitter this time to express his negative views on the BTC price. Davinci Jeremie, an early adopter of Bitcoin and Ethereum, asked people for their opinion on BTC price. Jeremie asked if BTC would go down to $2,000 first or go up to $200,000. Peter Schiff replied to Jeremie’s post. He said that the only goal Bitcoin can reach is $2,000. He also claimed that “Bitcoin will never reach $200,000.”
Economist, then back on Twitter, examined the price of Bitcoin and Ethereum. Accordingly, the gold supporter predicts that both cryptocurrencies will continue to fall. Schiff predicts Bitcoin likely to drop to $20,000. Also, the leading altcoin Ethereum expects $1,000. In this case, the crypto market cap will have fallen from its ATH of $3 billion to $800 million. The famous economist advised investors not to buy cryptocurrency during this process.