Bitcoin to bottom at $13K before reaching new record high in 2025, says Peter Brandt

Peter Brandt, founder and CEO of proprietary trading firm Factor, believes that bitcoin (BTC-USD) will likely see further downside for the next three years, only to shoot back up to new record highs thereafter, he told CoinDesk TV in a virtual interview Monday. The world's largest cryptocurrency by market cap (BTC-USD) will change hands between $17K-23K, said Brandt, who has been a technical trader since 1975. “I think we will bottom here at some point in time, maybe early next year, but then I’m not looking for bitcoin really to become exciting again for another couple of years.”Indeed, bitcoin's (BTC-USD) price action has been nothing more than boring in recent months, trading rangebound between $18.4-24.4K since mid-June, resulting in plunging volatility. The token slipped 0.7% to $19.36K at 3:46 p.m. ET, compared with its November 2021 all-time high of $68.9K. Until bitcoin (BTC-USD) reaches a new record high in 32 months, it could get dragged down to as low as $13K, the lowest level since October 2020, Brandt told CoinDesk. His gloomy near-term remarks come as the Federal Reserve's tightening cycle shows no signs of ebbing in the near future as inflation stays at stubbornly high levels. Brandt is expecting the central bank to raise its benchmark rate by 75 basis points for a fourth time at its November 2 meeting, followed by a fifth such increase at the last FOMC gathering of the year on December 14, in line with traders'...