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The veteran trader is not overly enthusiastic about the prospects of BTC until maybe after 32 months or thereabout.
Veteran trader Peter Brandt has given a hint of what to expect of the world’s leading cryptocurrency Bitcoin (BTC) over the next few years. The respected trader spoke on CoinDesk’s “First Mover” program on Monday about the current state of the crypto, and its expected price movement in the next few months, among many other topics.
Firstly, Peter Brandt admitted that BTC is currently in downtime which may possibly last for another year and a half. However, he insisted that it will yet rise again from the ashes and attain all-time highs thereafter. The founder and CEO of proprietary trading firm Factor LLC said he expects that BTC price will hover between $17,000 and $23,000 over the next few months, maybe into early next year.
However, he is not overly enthusiastic about the prospects of BTC until maybe after 32 months or thereabout. According to Brandt, somewhere along the line, BTC should bottom at $13,000. And only then, will it find its way to new all-time highs.
Peter Brandt Weighs In on Upcoming Fed’s Interest Rate Decisions
Without a doubt, Bitcoin’s (BTC) price has been severely impacted by the hawkish approach of the U.S. Federal Reserve to inflation. For the better part of the year, the Fed has continued to hike interest rates to mitigate the effects of this year’s hot inflation.
However, all eyes are now on the Fed’s next meeting in November as traders and investors across the markets anticipate the usual 75-basis point interest rate hike. Interestingly, that will make it the fourth 75 bps in a row.
Meanwhile, against the popular belief that there will be smaller rate hikes beginning in December, Brandt has a differing opinion. He believes the Fed will maintain its 75-basis point increase beyond November 2 and well into the December 14 decision. He said:
“The Fed needs to regain its credibility. And to do that, I think the Fed really needs to bring inflation rates back down to at least 4%.”
For Brandt, inflation is a killer, and the only way the Fed knows to bring it down is just what it jas been doing. As of September, US annual inflation rate was 8.3%.
CoinMarketCap data shows Bitcoin’s (BTC) price to be hovering around $19,200 as of publication. The asset has not been able to break above $20,000 for more than two weeks now.