Bitcoin Poised for Record High by 2024; Market Volatility Expected - Analyst Peter Brandt
Summary:
Seasoned trader and analyst Peter Brandt predicts a new record high for Bitcoin by the end of next year, while also anticipating a volatile market until then. He informs his followers on X (formerly Twitter) that he staunchly supports Bitcoin and disregards others as pretenders. Brandt mentions his preferred tool for Bitcoin price prediction, the weekly Renko chart. The piece also discusses the heightened interest in Bitcoin due to the potential approval of spot Bitcoin ETFs, with a 90% likelihood of happening by early 2024. Paul Brody from Ernst & Young hints at substantial latent institutional interest in Bitcoin, waiting for spot ETF endorsement as an investment trigger.
Anticipating a potential record high for Bitcoin (BTC) by the end of next year, seasoned trader and analyst Peter Brandt warns cryptocurrency investors to prepare themselves for potentially volatile market conditions in the meantime. In a post on X (previously known as Twitter), on October 26, Brandt informed his 660,000 followers that Bitcoin is likely to have reached its lowest point as of November 2022 and predicts a new pinnacle for the cryptocurrency by the third quarter of 2024. Nonetheless, Brandt underscores the unpredictability of market behavior and advises caution, stating that those who claim to know the market's future movements are misguided.
When asked about his opinion on Chainlink (LINK) on X, Brandt responded unequivocally. He steadfastly adheres to BTC and does not lend credence to other pretenders. Brandt, with trading experience stemming from 1975, revealed that he has been employing his mentioned strategy extensively for about two years. In a subsequent post, he highlighted his preferred analytical tool for predicting Bitcoin performance - the weekly Renko chart - which he feels filters out deceiving fluctuations and has only generated five errors over the past half-decade.
In recent times, Bitcoin's price trajectory has primarily remained steady, but it has recently displayed significant upward thrust. Many attribute this substantial bitcoin performance to the keen watch investors are keeping on the progress of spot Bitcoin exchange traded funds (ETFs) towards potential endorsement. On October 23, Bitcoin undertook its largest single-day leap in over a year, briefly exceeding the $35,000 threshold as trader enthusiasm surged amid news that Blackrock's iShares Bitcoin ETF—IBTC was listed on DTCC's website. While spot Bitcoin ETF endorsement is not assured, prime Bloomberg ETF analysts, James Seyffart and Eric Balchunas, highlight increasing prospect and predict a 90% likelihood of approval by January 10, 2024.
As per Paul Brody, a high-ranking executive from global consulting behemoth Ernst & Young, there is considerable dormant institutional interest for Bitcoin, expecting a spot ETF endorsement to contribute as a catalyst for participation.
Published At
10/26/2023 1:23:11 AM
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