diff --git a/src/compiler/checker.ts b/src/compiler/checker.ts
index 2134e7f9b2992..595a64777c605 100644
--- a/src/compiler/checker.ts
+++ b/src/compiler/checker.ts
@@ -20459,7 +20459,7 @@ namespace ts {
                     const signature = getEffectsSignature((<FlowCall>flow).node);
                     if (signature) {
                         const predicate = getTypePredicateOfSignature(signature);
-                        if (predicate && predicate.kind === TypePredicateKind.AssertsIdentifier) {
+                        if (predicate && predicate.kind === TypePredicateKind.AssertsIdentifier && !predicate.type) {
                             const predicateArgument = (<FlowCall>flow).node.arguments[predicate.parameterIndex];
                             if (predicateArgument && isFalseExpression(predicateArgument)) {
                                 return false;
diff --git a/tests/baselines/reference/assertionTypePredicates1.errors.txt b/tests/baselines/reference/assertionTypePredicates1.errors.txt
index 4555f7b68f390..9fb15f480bf42 100644
--- a/tests/baselines/reference/assertionTypePredicates1.errors.txt
+++ b/tests/baselines/reference/assertionTypePredicates1.errors.txt
@@ -239,4 +239,12 @@ tests/cases/conformance/controlFlow/assertionTypePredicates1.ts(170,5): error TS
             thing.good;
         }
     }
+    
+    // Repro from #38699
+    
+    declare function strictEqual<T>(actual: any, expected: T, message?: string | Error): asserts actual is T;
+    
+    const b = false;
+    strictEqual(false, b);
+    let b2 = b;
     
\ No newline at end of file
diff --git a/tests/baselines/reference/assertionTypePredicates1.js b/tests/baselines/reference/assertionTypePredicates1.js
index a9128475c528d..230389b383bbb 100644
--- a/tests/baselines/reference/assertionTypePredicates1.js
+++ b/tests/baselines/reference/assertionTypePredicates1.js
@@ -190,6 +190,14 @@ function example1(things: Thing[]) {
         thing.good;
     }
 }
+
+// Repro from #38699
+
+declare function strictEqual<T>(actual: any, expected: T, message?: string | Error): asserts actual is T;
+
+const b = false;
+strictEqual(false, b);
+let b2 = b;
 
 
 //// [assertionTypePredicates1.js]
@@ -374,6 +382,9 @@ function example1(things) {
         thing.good;
     }
 }
+var b = false;
+strictEqual(false, b);
+var b2 = b;
 
 
 //// [assertionTypePredicates1.d.ts]
@@ -426,3 +437,6 @@ interface GoodThing {
     good: true;
 }
 declare function example1(things: Thing[]): void;
+declare function strictEqual<T>(actual: any, expected: T, message?: string | Error): asserts actual is T;
+declare const b = false;
+declare let b2: boolean;
diff --git a/tests/baselines/reference/assertionTypePredicates1.symbols b/tests/baselines/reference/assertionTypePredicates1.symbols
index de13f6395bbf1..7bb70ffcb29a9 100644
--- a/tests/baselines/reference/assertionTypePredicates1.symbols
+++ b/tests/baselines/reference/assertionTypePredicates1.symbols
@@ -542,3 +542,27 @@ function example1(things: Thing[]) {
     }
 }
 
+// Repro from #38699
+
+declare function strictEqual<T>(actual: any, expected: T, message?: string | Error): asserts actual is T;
+>strictEqual : Symbol(strictEqual, Decl(assertionTypePredicates1.ts, 190, 1))
+>T : Symbol(T, Decl(assertionTypePredicates1.ts, 194, 29))
+>actual : Symbol(actual, Decl(assertionTypePredicates1.ts, 194, 32))
+>expected : Symbol(expected, Decl(assertionTypePredicates1.ts, 194, 44))
+>T : Symbol(T, Decl(assertionTypePredicates1.ts, 194, 29))
+>message : Symbol(message, Decl(assertionTypePredicates1.ts, 194, 57))
+>Error : Symbol(Error, Decl(lib.es5.d.ts, --, --), Decl(lib.es5.d.ts, --, --))
+>actual : Symbol(actual, Decl(assertionTypePredicates1.ts, 194, 32))
+>T : Symbol(T, Decl(assertionTypePredicates1.ts, 194, 29))
+
+const b = false;
+>b : Symbol(b, Decl(assertionTypePredicates1.ts, 196, 5))
+
+strictEqual(false, b);
+>strictEqual : Symbol(strictEqual, Decl(assertionTypePredicates1.ts, 190, 1))
+>b : Symbol(b, Decl(assertionTypePredicates1.ts, 196, 5))
+
+let b2 = b;
+>b2 : Symbol(b2, Decl(assertionTypePredicates1.ts, 198, 3))
+>b : Symbol(b, Decl(assertionTypePredicates1.ts, 196, 5))
+
diff --git a/tests/baselines/reference/assertionTypePredicates1.types b/tests/baselines/reference/assertionTypePredicates1.types
index 911f90a4a9dff..c71f0007fa5cf 100644
--- a/tests/baselines/reference/assertionTypePredicates1.types
+++ b/tests/baselines/reference/assertionTypePredicates1.types
@@ -666,3 +666,25 @@ function example1(things: Thing[]) {
     }
 }
 
+// Repro from #38699
+
+declare function strictEqual<T>(actual: any, expected: T, message?: string | Error): asserts actual is T;
+>strictEqual : <T>(actual: any, expected: T, message?: string | Error | undefined) => asserts actual is T
+>actual : any
+>expected : T
+>message : string | Error | undefined
+
+const b = false;
+>b : false
+>false : false
+
+strictEqual(false, b);
+>strictEqual(false, b) : void
+>strictEqual : <T>(actual: any, expected: T, message?: string | Error | undefined) => asserts actual is T
+>false : false
+>b : false
+
+let b2 = b;
+>b2 : boolean
+>b : false
+
diff --git a/tests/cases/conformance/controlFlow/assertionTypePredicates1.ts b/tests/cases/conformance/controlFlow/assertionTypePredicates1.ts
index cc90be3d84147..41b22bcba6208 100644
--- a/tests/cases/conformance/controlFlow/assertionTypePredicates1.ts
+++ b/tests/cases/conformance/controlFlow/assertionTypePredicates1.ts
@@ -193,3 +193,11 @@ function example1(things: Thing[]) {
         thing.good;
     }
 }
+
+// Repro from #38699
+
+declare function strictEqual<T>(actual: any, expected: T, message?: string | Error): asserts actual is T;
+
+const b = false;
+strictEqual(false, b);
+let b2 = b;