ICYMI: Bitcoin's new all-time peak is at least two years away, according to Peter Brandt BTC $BTC
The cryptocurrency is expected to enter"a giant uptrend" by that time, according to a prominent chartist.
That said, Brandt remains bearish in the short-term. In fact, he believes that the world's largest cryptocurrency may be on track to drop as low as the $12,700 level if it fails to close above the May 31 high on the weekly chart. Still, the trader concedes that the $20,000 support is"very solid," meaning that the most bearish scenario remains unlikely for now.In the meantime, Brandt is convinced that the U.S. dollar index is going to surge even higher later this year.
Such a strong dollar rally would likely be extremely bearish for risk assets such as Bitcoin, which is why the cryptocurrency market could fall significantly lower.
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