“Renowned trader Peter Brandt predicts the long-awaited bottom for Bitcoin has finally arrived, offering hope to investors, yet warns them to brace themselves for a potentially turbulent ride filled with ups and downs in the coming months.”
Bitcoin (BTC) may reach new all-time highs by the end of next year, according to trader and analyst Peter Brandt. In a recent post on X (formerly Twitter), Brandt stated that Bitcoin had likely already hit its bottom in November 2022 and is on track to reach new highs by the third quarter of 2024. However, Brandt also warned investors to expect a “chopfest” in the meantime, emphasizing that the future is never certain and markets will always surprise.
When asked about his thoughts on Chainlink’s LINK, Brandt made it clear that he focuses solely on BTC and doesn’t get distracted by other cryptocurrencies. Brandt, a veteran trader since 1975, revealed that he has been using his current trading blueprint for almost two years. He also shared that his favorite chart for Bitcoin price movement is the weekly Renko graph, which he believes eliminates many false signals and has only resulted in five missteps over the past five years.
After a period of sideways price action, Bitcoin recently experienced significant upward momentum. This has been attributed to the anticipation of spot Bitcoin exchange-traded funds (ETFs) potentially gaining approval. Although approval is not guaranteed, Bloomberg ETF analysts believe there is a 90% chance of it happening by January 10, 2024.
Paul Brody, a senior executive from Ernst & Young, mentioned that there is massive institutional interest in Bitcoin, with many waiting for a spot Bitcoin ETF approval as a trigger to enter the market.
Overall, while Bitcoin’s future remains unpredictable, there is optimism among traders and analysts regarding its potential for new all-time highs in the coming years.