<\/p>\n
Bitcoin (BTC) may reach new all-time highs by the end of next year, but crypto investors should brace themselves for a \u201cchopfest\u201d in the meantime, according to veteran trader and analyst Peter Brandt.\u00a0<\/p>\n
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 the third quarter of 2024.<\/p>\n
\nAnyone who declares they know the future path of any market is a fool. Markets will ALWAYS surprise.<\/p>\n
Yet, with this disclaimer, I believe:
1. The $BTC<\/a> bottom is in
2. New ATHs not coming until Q3 2024
3. Chop fest in the meanwhile<\/p>\nI’ve used this blueprint for approx 2 years pic.twitter.com\/hVt0zbTOsm<\/a><\/p>\n
\u2014 Peter Brandt (@PeterLBrandt) October 25, 2023<\/a><\/p><\/blockquote>\n
Still, Brandt erred slightly on the side of caution with a disclaimer, saying that the future is never certain and that markets will \u201calways\u201d surprise. <\/p>\n
When an X user asked Brandt for his thoughts on Chainlink (LINK), he didn\u2019t mince words with his response:<\/p>\n
\u201cI stick with BTC and don\u2019t get distracted by pretenders.\u201d<\/p><\/blockquote>\n
Brandt \u2014 who has been a proprietary trader since 1975 \u2014 explained that he\u2019d been using the aforementioned blueprint for nearly two years. <\/p>\n
He added in a later post that his favorite chart for Bitcoin price movement is the weekly Renko graph, which \u2014 in his view \u2014 alleviates many \u201cfake moves\u201d and had only delivered five miscues in the past five years. <\/p>\n
\nBitcoin chart I most trust $BTC<\/a> is the weekly Renko graph. Very few fake out moves – by my count, only 5 miscues in the past five years. The most recent signal was a buy at 22,000. I allocate a portion of my Bitcoin investing to this chart
What would be your ONE “go-to” chart? pic.twitter.com\/u0sxoSHgT5<\/a><\/p>\n\u2014 Peter Brandt (@PeterLBrandt) October 25, 2023<\/a><\/p><\/blockquote>\n
After months of largely sideways price action, Bitcoin recently experienced significant upwards price momentum. Many have tipped Bitcoin\u2019s outsized performance in recent months due to participants watching closely as spot Bitcoin exchange traded funds (ETFs) inch closer to potential approval.<\/p>\n
Related: <\/em><\/strong>BlackRock\u2019s iShares Bitcoin ETF mysteriously disappears from \u2014 then reappears on \u2014 DTCC site<\/em><\/strong><\/p>\n
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\u2019s iShares Bitcoin ETF \u2014 IBTC \u2014 had been listed on the DTCC website. <\/p>\n
While a spot Bitcoin ETF approval is in no way guaranteed, leading Bloomberg ETF analysts James Seyffart and Eric Balchunas say that an approval grows more likely, predicting a 90% chance of an approval by Jan. 10, 2024.<\/p>\n
\nI’ve gotten a lot of questions regarding my current view on Spot #Bitcoin<\/a> ETFs over the last couple weeks. This is the first section of the note I put out yesterday with @EricBalchunas<\/a>.<\/p>\n
TLDR: Our view hasn’t changed much https:\/\/t.co\/dRAm5IsdQf pic.twitter.com\/Htsi3n2XxV<\/a><\/p>\n