Veteran trader and analyst Peter Brandt believes that by the conclusion of the third quarter of 2024, Bitcoin (BTC) may achieve new all-time highs. But in the interim, he cautions cryptocurrency investors to prepare for a “chopfest.” Brandt informed his 660,000 followers on X (previously Twitter) on October 26 that he believed Bitcoin had already bottomed out in November 2022 and that it would reach new heights by Q3 2024. He cautioned that there is never a guarantee for the future and that markets will “always” surprise.
In response, Brandt stated that he stays with Bitcoin and doesn’t get sidetracked by imposters when asked about Chainlink (LINK). He has been following the aforementioned pattern for about two years and has been a private trader since 1975. The weekly Renko graph is Brandt’s preferred chart to monitor changes in the price of Bitcoin since, in his opinion, it reduces the number of “fake moves” and has only produced five errors in the last five years.
After months of primarily horizontal market movement, Bitcoin lately saw substantial upward price momentum. Many people credit investors actively monitoring the progress of spot Bitcoin exchange traded funds (ETFs) towards possible approval for the cryptocurrency’s extraordinary performance in recent months. October 23, Bitcoin experienced its biggest day-long surge in more than a year, momentarily surpassing the $35,000 threshold due to a frenzy from traders following rumours that Blackrock’s iShares Bitcoin ETF (IBTC) had been added to the DTCC website. By January 10, 2024, leading Bloomberg ETF experts James Seyffart and Eric Balchunas estimate that there is a 90% likelihood that a spot Bitcoin ETF will be approved.