Bitcoin (BTC) could potentially reach new all-time highs by the end of next year, although crypto investors should be prepared for a “chopfest” in the meantime, according to Peter Brandt, a veteran trader and analyst. In a recent post on X (formerly Twitter), Brandt shared his beliefs with his 660,000 followers that Bitcoin had likely hit its bottom in November 2022 and is on track to achieve new highs by the third quarter of 2024.
Despite his prediction, Brandt cautioned that the future is never certain and markets will consistently surprise. When asked about his thoughts on Chainlink (LINK), Brandt stated that he focuses exclusively on Bitcoin and doesn’t get distracted by other cryptocurrencies.
Brandt, who has been a proprietary trader since 1975, revealed that he has been following a specific blueprint for almost two years. He also expressed his preference for the weekly Renko graph as his go-to chart for analyzing Bitcoin’s price movements. Brandt believes that this chart reduces the impact of false price moves and has only resulted in five incorrect signals in the past five years.
After months of relatively sideways movement, Bitcoin recently experienced significant upward momentum. This increase in price performance has been attributed to the anticipation surrounding the potential approval of spot Bitcoin exchange-traded funds (ETFs). Many observers have been closely monitoring the progress of these ETFs and the impact they could have on Bitcoin’s price.
On October 23, Bitcoin witnessed its largest single-day rally in over a year, briefly surpassing the $35,000 mark. This surge in price was triggered by reports of Blackrock’s iShares Bitcoin ETF (IBTC) being listed on the DTCC website. Although the approval of a spot Bitcoin ETF is not guaranteed, Bloomberg ETF analysts James Seyffart and Eric Balchunas expressed optimism, predicting a 90% chance of approval by January 10, 2024.
Paul Brody, a senior executive at Ernst & Young, added to the discussion by highlighting the massive institutional interest in Bitcoin. He noted that many institutional investors are waiting on the sidelines for the approval of a spot ETF as a trigger to enter the market.
In conclusion, Peter Brandt’s predictions for Bitcoin’s future performance have attracted attention in the crypto community. While cautioning that the market is unpredictable, Brandt’s analysis suggests a positive outlook for Bitcoin in the long term. The potential approval of spot Bitcoin ETFs could further fuel the cryptocurrency’s growth and attract significant institutional investment.