Leading cryptocurrency Bitcoin (BTC) failed to sustain the recovery driven by NVIDIA and fell to its lowest level in seven months.
Mixed US employment data and the rapidly declining expectations of a Fed interest rate cut have sharply reduced risk appetite for risky assets.
This caused Bitcoin to fall to $85,800, its lowest level since April.
While the consecutive declines in Bitcoin have reduced the expectations for an increase, the latest prediction came from veteran analyst Peter Brandt.
Famous analyst Peter Brandt, who has over 50 years of experience, said that BTC will not reach $200,000 this year but may reach it in 2029.
In a post from his X account, Brandt argued that Bitcoin will not reach $200,000 this year, but instead will reach that price level around the third quarter of 2029 during the asset’s next expected bull market.
Brandt described the recent BTC correction as a positive market reset for the medium- to long-term trend.
Brandt added that current volatility is being amplified by a combination of deleveraging and institutional selling pressure.
Brandt’s forecast contradicts that of many analysts.
Bitcoin supporters such as BitMEX co-founder Arthur Hayes and BitMine president Tom Lee have stated that they expect the BTC price to reach at least $200,000 by the end of this year.
Brandt’s prediction also contrasts significantly with the bullish outlooks of cryptocurrency executives like Coinbase CEO Brian Armstrong and ARK Invest CEO Cathie Wood, who both expect Bitcoin to reach $1 million by 2030.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/peter-brandt-said-bitcoin-wont-rise-warned-again-new-date-for-200000/
