Renowned trader and analyst Peter Brandt predicts that Bitcoin (BTC) may achieve new all-time highs by the end of next year. However, he also cautions crypto investors to expect a period of volatility, referring to it as a “chopfest.” In a post on X (formerly Twitter) on October 26, Brandt, who boasts a following of 660,000, stated that he believes Bitcoin likely hit its lowest point in November 2022, and that the cryptocurrency is on track for new highs by the third quarter of 2024.
Anyone who declares they know the future path of any market is a fool. Markets will ALWAYS surprise.
Yet, with this disclaimer, I believe:
1. The $BTC bottom is in
2. New ATHs not coming until Q3 2024
3. Chop fest in the meanwhileI’ve used this blueprint for approx 2 years pic.twitter.com/hVt0zbTOsm
— Peter Brandt (@PeterLBrandt) October 25, 2023
Despite his prediction, Brandt emphasizes that the future is uncertain, and even markets will always have surprises. When asked about his thoughts on Chainlink (LINK), Brandt replied that he focuses solely on Bitcoin and avoids distractions from other cryptocurrencies. Brandt has been a proprietary trader since 1975 and claims to have used this particular blueprint for nearly two years.
In a subsequent post, Brandt revealed that his preferred chart for analyzing Bitcoin price movement is the weekly Renko graph. According to him, this graph minimizes false signals and has only produced five incorrect readings in the past five years. He also shared that the most recent signal was a buy at $22,000.
Bitcoin chart I most trust $BTC is the weekly Renko graph. Very few fake out moves – by my count, only 5 miscues in the past five years. The most recent signal was a buy at 22,000. I allocate a portion of my Bitcoin investing to this chart
What would be your ONE “go-to” chart? pic.twitter.com/u0sxoSHgT5— Peter Brandt (@PeterLBrandt) October 25, 2023
After a prolonged period of sideways price movement, Bitcoin recently witnessed significant upward momentum. This performance has been attributed to the anticipation of potential approval for spot Bitcoin exchange-traded funds (ETFs). On October 23, Bitcoin experienced its largest one-day rally in over a year, briefly surpassing the $35,000 mark. The surge occurred following reports of Blackrock’s iShares Bitcoin ETF (IBTC) listing on the DTCC website. While approval for a spot Bitcoin ETF is not guaranteed, Bloomberg ETF analysts James Seyffart and Eric Balchunas predict a 90% chance of approval by January 10, 2024.
I’ve gotten a lot of questions regarding my current view on Spot #Bitcoin ETFs over the last couple weeks. This is the first section of the note I put out yesterday with @EricBalchunas.
TLDR: Our view hasn’t changed much https://t.co/dRAm5IsdQf pic.twitter.com/Htsi3n2XxV
— James Seyffart (@JSeyff) October 13, 2023
In addition, Paul Brody, a senior executive at Ernst & Young, has highlighted significant institutional interest in Bitcoin that is waiting for a spot ETF approval as a trigger to invest.
Image Source: Pierre Borthiry – Peiobty@Unsplash
