Peter Brent: Bitcoin price will reach a new high within 3 years, but before that it will drop to $13,000.

Peter Brandt, a veteran trader and analyst of financial markets, believes that the strict policies of the Federal Reserve will cause Bitcoin to continue its current trend for the next few years. He thinks the price of Bitcoin will probably fall to the $13,000 range before starting an uptrend and reaching a new price peak.

Peter Brent, founder and CEO of Factor LLC, on Monday in an interview He told CoinDesk that the price of Bitcoin is currently stagnant and will likely remain so for the next year and a half; Of course, after this period, it will finally reach new price peaks.

Brent said:

The price will fluctuate somewhere between $17,000 and $23,000… I think Bitcoin at some point, probably early next year. [میلادی], will reach its lowest level; But even then, I don’t expect the price to grow in the next year or two.

Bitcoin price was hovering around $19,200 on Monday and has remained below $20,000 for more than two weeks.

This prominent technical trader, who has been in the business since the 1970s, has predicted that it will take 32 months for Bitcoin to reach a new all-time high. Brent has said that by then he expects the value of the market’s largest digital currency to drop to $13,000.

The strict policy of raising interest rates by the Federal Reserve (the central bank of the United States) to curb the high rate of inflation this year has put pressure on the price of Bitcoin. Traders and investors in all markets are waiting for the next meeting of the monetary policy committee of this organization, the Federal Open Market Committee (FOMC). Wall Street expects to see a fourth straight rate hike of 0.75 percentage points in November, followed by relatively smaller rate hikes in the following months, according to Chicago Mercantile Exchange data on Federal Fund futures. be

However, Brent said he did not expect interest rate growth to slow down anytime soon, expecting a 0.75 percentage point rate hike on November 2, followed by another 0.75 percentage point hike on December 14. Azar) will have

He said about this:

I think the Fed knows that inflation is destructive. This bank needs to regain its credit and I think to do this it needs to reduce the inflation rate to at least 4%.

It should be mentioned that the last annual inflation rate of the United States was announced at 8.2% in September.

Correlation between Bitcoin and Bitcoin!

Bitcoin is known as a risk-taking asset, which is an indication of the market’s willingness to accept risk. Of course, while the turmoil in traditional markets has continued, Bitcoin has seen less volatility than the stock market. Meanwhile, the correlation between bitcoin and gold, considered a safe-haven asset in times of market volatility, has hit its highest level in more than a year.

However, Brent expects Bitcoin’s value to be decoupled from anything happening in other markets.

“Bitcoin will eventually be linked to Bitcoin,” he says.

Contrary to the current narrative that ties the fate of Bitcoin to the desire to be in a high-risk market, Brent believes that this digital currency will eventually become a store of value in the next 10 years.