According to U.Today, renowned trader Peter Brandt has sparked a debate with his recent assertion that Bitcoin has not reached a new all-time high (ATH) in the past three years. This statement may seem counterintuitive to many, given that Bitcoin reached its highest price level of $73,750.07 on March 14. However, Brandt argues that when adjusted for inflation, Bitcoin's price has not achieved a new high in three years.
Brandt's argument is based on the metric of U.S. consumer purchasing power. Despite the approval of a spot Bitcoin ETF and the recent Bitcoin halving event, Brandt believes that the cryptocurrency's price remains low when considering this factor. According to a chart he shared, Bitcoin last hit a high price in relation to consumers' buying power in the second half of 2021.
Brandt, who has over 50 years of trading experience, expressed interest in hearing the perspectives of Bitcoin bears on the cryptocurrency's potential. He has been consistently vocal about his confidence in Bitcoin as an asset class, a stance that contrasts with his views on Ethereum (ETH).
In addition to Brandt, several other market investors and analysts have issued high price targets for Bitcoin. They anticipate that the spot Bitcoin ETF will trigger increased demand in the future, a trend that will be complemented by the reduced supply resulting from the halving. One such prediction came from 'Rich Dad Poor Dad' author Robert Kiyosaki, who forecasted that Bitcoin's price would exceed $100,000 by the end of this year.
