Bitcoin (BTC) could hit new all-time highs by the end of next year, but crypto investors should prepare for a “chopfest” in the meantime, according to veteran trader and analyst Peter Brandt.
In a post from October 26th
Anyone who claims to know the future path of a market is a fool. The markets will ALWAYS surprise.
However, with this disclaimer, I believe:
1. The $BTC bottom is in
2. New ATHs will not come until the third quarter of 2024
3. Meanwhile, chop firmlyI have been using this blueprint for about 2 years pic.twitter.com/hVt0zbTOsm
— Peter Brandt (@PeterLBrandt) October 25, 2023
Still, Brandt was a bit cautious with his disclaimer, saying the future is never certain and that markets will “always” surprise.
When an X user asked Brandt for his opinion on Chainlink’s LINK (LINK), he didn’t mince his words with his answer:
“I will stick with BTC and not be distracted by scammers.”
Brandt – who has been a proprietary trader since 1975 – explained that he has been using the above blueprint for almost two years.
In a later post, he added that his favorite chart for Bitcoin price action is the weekly Renko chart, which he says mitigates many “false moves” and has only made five mistakes in the last five years.
Bitcoin chart I trust the most $BTC is the weekly Renko chart. There are very few fake moves – by my count, there have only been five failures in the last five years. The most recent signal was a buy at 22,000. I attribute a portion of my Bitcoin investment to this chart
What would be your ONLY “go-to” diagram? pic.twitter.com/u0sxoSHgT5— Peter Brandt (@PeterLBrandt) October 25, 2023
After months of largely sideways price action, Bitcoin recently experienced significant upward price momentum. Many have pointed to Bitcoin’s stellar performance in recent months, as participants closely watched spot Bitcoin exchange-traded funds (ETFs) inch ever closer to potential approval.
Related: BlackRock’s iShares Bitcoin ETF mysteriously disappears from the DTCC website, then reappears
On Oct. 23, Bitcoin enjoyed its biggest single-day rally in over a year, briefly breaching $35,000 as traders excited over reports that Blackrock’s iShares Bitcoin ETF, IBTC, was listed on the DTCC website.
While immediate approval for the Bitcoin ETF is by no means guaranteed, senior Bloomberg ETF analysts James Seyffart and Eric Balchunas say approval is becoming more likely, predicting a 90 percent chance of approval by January 10, 2024 .
I’ve gotten a lot of questions about my current view of Spot #Bitcoin ETFs in the last few weeks. This is the first section of the note I published yesterday @EricBalchunas.
TLDR: Not much has changed in our view https://t.co/dRAm5IsdQf pic.twitter.com/Htsi3n2XxV
— James Seyffart (@JSeyff) October 13, 2023
Meanwhile, Paul Brody, a senior executive at global consulting firm Ernst & Young, said there is massive institutional interest in Bitcoin, awaiting preliminary Bitcoin ETF approval as a trigger for buying.
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