The long side has to wait! Traders: Bitcoin's next "bull run" will have to wait until 2024

On Wednesday, legendary trader Peter Brandt hinted in a tweet that Bitcoin will likely have to wait until 2024 to start a new "crazy bull" market.

Peter Brandt's data suggests that the next round of bitcoin's "mad bull" may not be until May 2024 - which is almost as long as the next bitcoin "halving" is about the same pace.

"The last two 'halves' have seen bitcoin rise 10x or more, and it takes an average of 33 months for the cryptocurrency to start a bull market." He explained in a tweet, "If history repeats itself, then the next bull market will start in May 2024."

Some market participants have become accustomed to bitcoin's price highs every four years, paying particular attention to the year after each bitcoin "halving" is completed.

In May 2020, Bitcoin completed its third halving since its inception, and in 2021 Bitcoin accumulated a 59.7% gain.

In the short term, the market generally believes that the outlook for risky assets such as bitcoin is not optimistic as the Fed begins to raise interest rates and accelerate tapering in the macro context.