Veteran Trader Peter Brandt Predicts Rocky Ascent for Bitcoin
Veteran trader Peter Brandt believes that Bitcoin has reached its lowest point and is now on a trajectory towards new record highs. In a recent message to his 660,000 followers on X, formerly known as Twitter, Brandt stated that he expects Bitcoin (BTC) to hit new highs by the third quarter of 2024.
While expressing optimism, Brandt also advised caution, acknowledging the unpredictable nature of the future and the potential for market surprises.
Bitcoin’s Upward Momentum Supported by Recent Market Activity
Recent market activity suggests that Brandt’s cautious optimism may be well-founded. After months of relatively stagnant price action, Bitcoin has shown significant upward momentum. This surge is partly attributed to increasing anticipation surrounding the approval of spot Bitcoin exchange-traded funds (ETFs).
On October 23, Bitcoin experienced its largest single-day rally in over a year, briefly surpassing the $35,000 mark. The rally was triggered by reports of Blackrock’s iShares Bitcoin ETF being listed on the DTCC website.
Although the approval of a spot Bitcoin ETF has not been confirmed yet, Bloomberg ETF analysts James Seyffart and Eric Balchunas have predicted a 90% chance of approval by January 10, 2024.
Hot Take: Bitcoin Poised for Growth Despite Uncertainty
While Peter Brandt’s prediction of a rocky ascent for Bitcoin may sound daunting, recent market trends suggest that there is reason to be hopeful. With Bitcoin showing upward momentum and the potential approval of spot Bitcoin ETFs on the horizon, there is growing optimism within the crypto community.
However, it’s important to remember that markets are inherently unpredictable, and surprises can always occur. As an investor, it’s crucial to stay informed and exercise caution when navigating the volatile world of cryptocurrencies.
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