Among the many experts, trading expert Peter Brandt weighed in with his opinion on Bitcoin price volatility. On Thursday February 24th, he had a word of caution for investors – it will take some time for Bitcoin prices to reach a new high (ATH – all time high).
Peter Brandt has years of experience as a foreign exchange and futures trader. He has worked in this field since 1975 and authors reports. His trading experience includes bonds, crude, wheat, US dollar trading and Dow futures. He has been vocal in his criticism of bitcoin proponents who constantly promote the currency regardless of price swings. According to him. BTC cheerleaders who hype BTC are not serving BTC investors well at all.
He added a chart showing BTC’s activity including high price points and lows to bolster his thoughts and criticism. He indicated that it had taken BTC 21 months to reach a high price in 2013, also how it got progressively longer to touch new highs. Bitcoin prices hit their highest point in November 2021 and the price then was $68.892. Since November 9, 2021, BTC prices have fallen 42%. As of 6 days ago, the BTC is worth a little over $39,300.
Brandt wouldn’t speculate on how much time it would take BTC to recover and reach new highs. According to some fintech experts who work at Finder, BTC is expected to touch $94,000 in 2022. These experts think that BTC prices could be as high as $406,400 by 2030. Goldman Sachs experts have warned that BTC prices are very vulnerable to Fed interest rate hikes.