According to Cointelegraph, veteran trader and analyst Peter Brandt predicts that Bitcoin (BTC) may reach new all-time highs by the end of the third quarter of 2024. However, he warns crypto investors to brace themselves for a 'chopfest' in the meantime. In an Oct. 26 post on X (formerly Twitter), Brandt told his 660,000 followers that Bitcoin had likely already bottomed in Nov. 2022 and that the cryptocurrency is on track to notch new highs by Q3 2024. He added a disclaimer, stating that the future is never certain and that markets will 'always' surprise.
When asked about Chainlink (LINK), Brandt responded that he sticks with BTC and doesn't get distracted by pretenders. He has been a proprietary trader since 1975 and has been using the aforementioned blueprint for nearly two years. Brandt's favorite chart for Bitcoin price movement is the weekly Renko graph, which he believes alleviates many 'fake moves' and has only delivered five miscues in the past five years.
Bitcoin recently experienced significant upwards price momentum after months of largely sideways price action. Many attribute Bitcoin's outsized performance in recent months to participants watching closely as spot Bitcoin exchange traded funds (ETFs) inch closer to potential approval. On Oct. 23, Bitcoin staged its largest single day rally in over a year, briefly surging over the $35,000 mark as traders frenzied over reports that Blackrock's iShares Bitcoin ETF (IBTC) had been listed on the DTCC website. Leading Bloomberg ETF analysts James Seyffart and Eric Balchunas predict a 90% chance of a spot Bitcoin ETF approval by Jan. 10, 2024. Meanwhile, Paul Brody, a senior executive from global consulting firm Ernst & Young, says there is massive institutional interest for Bitcoin sitting on the sidelines, awaiting a spot ETF approval as a trigger to buy in.
