Bitcoin May Reach New All-Time Highs by End of 2024, Says Analyst Peter Brandt
Veteran trader and analyst Peter Brandt predicts that Bitcoin (BTC) could reach new all-time highs by the end of 2024. However, he warns investors to expect a volatile market in the meantime. Brandt believes that Bitcoin hit its bottom in November 2022 and will gradually climb to new highs by the third quarter of 2024.
Brandt acknowledges that predicting market movements is challenging and markets always have surprises in store. When asked about his thoughts on Chainlink’s LINK, he emphasized his focus on Bitcoin and disregarded other cryptocurrencies as “pretenders.”
Brandt has been using a specific blueprint for nearly two years, relying on the weekly Renko graph for Bitcoin price movement. He finds this chart to be reliable and has only encountered five false signals in the past five years.
Bitcoin ETF Approval Potential Catalyst for Price Surge
In recent months, Bitcoin has experienced significant upward momentum after a period of sideways movement. This performance is attributed to the anticipation of spot Bitcoin exchange-traded funds (ETFs) receiving approval.
The possibility of a spot Bitcoin ETF approval has garnered attention, with reports suggesting a 90% chance of approval by January 10, 2024. This news has sparked excitement among traders, leading to a surge in Bitcoin’s price.
Ernst & Young executive Paul Brody also points out that there is substantial institutional interest waiting for a spot Bitcoin ETF approval to enter the market.
Hot Take: Bitcoin’s Future Growth and Volatility
Peter Brandt’s prediction of new all-time highs for Bitcoin by the end of 2024 provides hope for crypto investors. However, he cautions that the market will be volatile in the interim.
With the potential approval of spot Bitcoin ETFs, there is optimism for further price surges. Institutional investors are eagerly awaiting this development as a trigger to enter the market.
While predicting market movements is challenging, Brandt’s reliance on the weekly Renko graph has provided him with consistent signals. This chart has proven reliable with minimal false moves over the past five years.
In conclusion, while Bitcoin’s path may have some bumps along the way, there is potential for significant growth in the coming years.
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