Peter Brandt has hit the bottom of Bitcoin, but he says get ready for a ‘chopfest’.
Bitcoin (BTC) could hit new all-time highs by the end of next year, but crypto investors should brace themselves for a “chopfest” in the meantime, according to veteran trader and analyst Peter Brandt.
In an Oct. 26 post on X (formerly Twitter), Brandt told his 660,000 followers that bitcoin will likely bottom in November 2022 and that the cryptocurrency will hit new highs in the third quarter of 2024.
Anyone who claims to know the future path of any market is a fool. Markets always wonder.
However, I believe this disclaimer: 1. The bottom of $BTC is at 2. New ATHs will not arrive until Q3 20243. Until then, cut the fest
I've been using this pattern for about 2 years pic.twitter.com/hVt0zbTOsm
— Peter Brandt (@PeterLBrandt) October 25, 2023
Still, Brandt erred on the side of caution, saying the future is uncertain and that markets will “always” be surprised.
When an X user asked Brandt for his thoughts on Chainlink, he didn't mince words with his reply:
“Stick with BTC and don't be fooled by pretenders.”
Brandt – who has been a proprietary dealer since 1975 – revealed that he had been using the above blueprint for about two years.
He added in a later post that his favorite chart for Bitcoin price movement is the weekly Renko graph, which – in his opinion – minimizes many “false movements” and has only presented five errors in the last five years.
The most trusted Bitcoin chart in $BTC is the weekly Renko graph. Very few false positives – only 5 false positives in the last five years in my estimation. The most recent mark was a purchase of 22,000. I allocate a portion of my Bitcoin investment to this chart What would be your one “go to” chart? pic.twitter.com/u0sxoSHgT5
— Peter Brandt (@PeterLBrandt) October 25, 2023
After months of mostly sideways price action, Bitcoin has recently experienced higher price momentum. Bitcoin has outperformed in recent months as participants closely watched Bitcoin exchange-traded funds (ETFs) inch toward potential approval.
Related: BlackRock's iShares Bitcoin ETF Mysteriously Disappears – Then Reappears on DTCC Site
On Oct. 23, bitcoin staged its biggest one-day rally in more than a year, briefly surging above $35,000 as traders fretted over reports that BlackRock's iShares Bitcoin ETF — IBTC — was listed on the DTCC website.
While Bitcoin ETF approval is by no means guaranteed, Bloomberg ETF analysts James Seifert and Eric Balchunas say approval is more likely, predicting a 90% chance of approval by January 10, 2024.
Over the last couple of weeks I've gotten a lot of questions regarding my view on the Spot #Bitcoin ETF. This is the first part of my memo yesterday with Eric Balchunas.
TLDR: Our view hasn't changed much pic.twitter.com/Htsi3n2XxV
— James Seyff (@JSeyff) October 13, 2023
Meanwhile, Paul Brody, a senior executive at global consultancy Ernst & Young, said there was significant institutional interest in bitcoin sitting on the sidelines, awaiting ETF approval as a trigger to buy.
Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in.
