Peter Brandt: Bitcoin May Hit New All-time High in 2024
26 Oct, 2023 ● Crypto people
Bitcoin (BTC) may hit new all-time highs by the end of next year, but cryptocurrency investors should prepare for a "chopfest" in the meantime, according to veteran trader and analyst Peter Brandt.
Brandt told his 660,000 followers on X (formerly Twitter) on Oct. 26 that Bitcoin had likely already bottomed in November 2022 and that the cryptocurrency is on track to set new highs by the third quarter of 2024.
Nonetheless, Brandt erred on the side of caution with a caveat, stating that the future is never certain and that markets "always" surprise.
When an X user asked Brandt what he thought of Chainlink's LINK, he didn't hestitate to express his true thoughts:
“I stick with BTC and don’t get distracted by pretenders.”
Brandt, a proprietary trader since 1975, said he'd been using the aforementioned blueprint for nearly two years.
In a later post, he stated that his favorite chart for Bitcoin price movement is the weekly Renko graph, which, in his opinion, eliminates many "fake moves" and has only incurred five errors in the last five years.
Bitcoin recently experienced significant upward price momentum after months of largely sideways price action.
Many have predicted that Bitcoin's outsized performance in recent months is due to participants closely monitoring the progress of spot Bitcoin exchange-traded funds (ETFs).
On Oct. 23, Bitcoin experienced its largest single-day rally in over a year, briefly exceeding the $35,000 mark as traders flocked to reports that Blackrock's iShares Bitcoin ETF, IBTC, had been listed on the DTCC website.
While approval of a spot Bitcoin ETF is not guaranteed, leading Bloomberg ETF analysts James Seyffart and Eric Balchunas believe it is becoming more likely, predicting a 90% chance of approval by January 10, 2024.
Meanwhile, Paul Brody, a senior executive at global consulting firm Ernst & Young, stated that there is massive institutional interest in Bitcoin sitting on the sidelines, awaiting the approval of a spot Bitcoin ETF as a trigger to buy in.