Veteran trader Peter Brandt believes that although Bitcoin has hit its floor, market participants should prepare for a rocky ascent to a new record high.
On Oct. 26, Brandt shared with his 660,000 followers on X, formerly Twitter, that Bitcoin (BTC) likely bottomed out in November 2022 and is poised to hit new highs by the third quarter of 2024.
While optimistic, he also noted caution in his statement, emphasizing that the future remains unpredictable and that markets are perpetually capable of surprises.
When questioned by an X user about his views on Chainlink’s LINK token, Brandt was unequivocal, stating he focuses solely on Bitcoin and is not swayed by what he termed as “pretenders.”
The veteran trader has been in the proprietary trading business since 1975 and has used this analytical framework for nearly two years.
He also later revealed that the weekly Renko graph is his preferred tool for tracking Bitcoin’s price movement. According to Brandt, this charting method minimizes the impact of misleading price movements and has only produced five errors in the last five years.
Recent market activity seems to support Brandt’s cautious optimism. Bitcoin has shown significant upward momentum after months of relatively flat price action. This surge is partly attributed to growing anticipation around approving spot Bitcoin exchange-traded funds (ETFs).
On Oct. 23, Bitcoin saw its largest single-day rally over a year, briefly crossing the $35,000 threshold. This spike was triggered by reports that Blackrock’s iShares Bitcoin ETF, known as IBTC, had been listed on the DTCC website.
Although the approval of a spot Bitcoin ETF is not yet confirmed, Bloomberg ETF analysts James Seyffart and Eric Balchunas have predicted a 90% chance of approval by Jan. 10, 2024.
