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Bitcoin’s bottom is in, according to Peter Brandt, but be ready for a “chopfest”

The professional trader holds the belief that, although Bitcoin has already hit its lowest point, traders should prepare for a tumultuous journey towards the next unprecedented peak.

Bitcoin (BTC) is poised to potentially scale new all-time highs, possibly within the upcoming year. Nevertheless, cryptocurrency enthusiasts should ready themselves for what has been described as a “chopfest” by Peter Brandt, a seasoned trader and analyst. In a post dated October 26, shared on X (formerly Twitter), Brandt conveyed his insights to his substantial following of 660,000, suggesting that Bitcoin likely reached its lowest point in November 2022 and is on a trajectory to achieve new highs by the third quarter of 2024. However, Brandt offered a word of caution, emphasizing the inherent uncertainty of the future and the perpetual capacity of markets to spring surprises.

When a user on X inquired about Brandt’s perspective on Chainlink’s (LINK) price at $11.51, Brandt responded with unambiguous clarity: “I stick with BTC and don’t get distracted by pretenders.” Brandt, an established proprietary trader since 1975, expounded that he had adhered to this very strategy for nearly two years. In a subsequent post, he disclosed that his preferred chart for assessing Bitcoin’s price movements is the weekly Renko graph, which, in his assessment, has significantly reduced the occurrence of false market signals, with only five instances of misjudgment over the past five years.

After a protracted period of relatively stagnant price movements, Bitcoin recently experienced a notable upswing in its value. Many attribute this resurgence to the vigilant scrutiny of spot Bitcoin exchange-traded funds (ETFs) as they inch closer to potential regulatory approval. On October 23, Bitcoin orchestrated its most substantial single-day rally in over a year, briefly surging past the $35,000 mark. This frenzied surge followed reports that Blackrock’s iShares Bitcoin ETF (IBTC) had been officially listed on the DTCC website.

Although approval for a spot Bitcoin ETF remains uncertain, prominent ETF analysts at Bloomberg, James Seyffart and Eric Balchunas, contend that the likelihood of approval has surged, with a 90% probability predicted by January 10, 2024. Simultaneously, a senior executive at global consulting firm Ernst & Young, Paul Brody, alluded to significant institutional interest in Bitcoin, patiently awaiting a green light in the form of spot Bitcoin ETF approval to enter the market.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.