Veteran trader and analyst Peter Brandt believes that Bitcoin (BTC) has already reached its bottom in November 2022 and is on track to achieve new all-time highs by the third quarter of 2024. However, he warns investors to prepare for a volatile period, describing it as a "chopfest." Brandt, who has been using a specific blueprint for the past two years, cautions that no one can predict the future path of any market with certainty.
Bitcoin Bottom Confirmed
In a recent post on X (formerly Twitter), Peter Brandt shared his belief that the bottom for Bitcoin is in. While acknowledging that markets always have the potential to surprise, he confidently asserts that Bitcoin has already reached its lowest point. However, he expects new all-time highs to be achieved only by the third quarter of 2024, leaving investors to navigate through a choppy market in the meantime.
Sticking with BTC
When asked about his thoughts on Chainlink (LINK), Brandt made it clear that he focuses solely on Bitcoin and doesn't get distracted by other cryptocurrencies. With his extensive experience as a proprietary trader since 1975, Brandt has been relying on his blueprint for nearly two years to guide his investment decisions.
Favorite Chart for Bitcoin Price Movement
Brandt also shared his favorite chart for analyzing Bitcoin's price movement – the weekly Renko graph. According to Brandt, this chart helps filter out many "fake moves" and has only resulted in five incorrect signals over the past five years. He even disclosed that his most recent signal from this chart was a buy at $22,000. Brandt asked his followers about their go-to chart for Bitcoin analysis.
Bitcoin's Recent Price Momentum
After months of sideways price action, Bitcoin has recently experienced significant upwards price momentum. This surge in performance is attributed to the anticipation of spot Bitcoin exchange-traded funds (ETFs) getting closer to potential approval. On October 23, Bitcoin saw its largest single-day rally in over a year, briefly surpassing the $35,000 mark. This was fueled by reports of Blackrock's iShares Bitcoin ETF being listed on the DTCC website.
Spot Bitcoin ETF Approval Potential
While there is no guarantee of a spot Bitcoin ETF approval, Bloomberg ETF analysts James Seyffart and Eric Balchunas predict a 90% chance of approval by January 10, 2024. This anticipation has led to increased interest and frenzied trading activity among investors. Ernst & Young executive Paul Brody also highlights the massive institutional interest waiting on the sidelines for a spot ETF approval to trigger their entry into Bitcoin.
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