In a recent Twitter post on October 26th, seasoned analyst Peter Brandt, known for his expertise in commodity, stock, and crypto markets, made a prediction that has the crypto community buzzing. With a significant following of over 660,000 on the platform, Brandt stated that he believes Bitcoin could reach an all-time high (ATH) by the end of 2024. However, he also cautioned investors to prepare for significant market fluctuations in the meantime.
Brandt, a well-known figure in the trading and market analysis world with over 40 years of experience, often uses technical analysis to forecast market trends and offer price predictions. He shared his insights on Bitcoin’s potential trajectory and the chart he trusts the most, the weekly Renko graph.
In his tweet, Brandt wrote, “Anyone who declares they know the future path of any market is a fool. Markets will ALWAYS surprise. Yet, with this disclaimer, I believe: 1. The $BTC bottom is in 2. New ATHs not coming until Q3 2024 3. Chop fest in the meanwhile.”
This prediction suggests that Bitcoin may have already hit its bottom in November 2022 and is on a trajectory to reach new all-time highs, but not until the third quarter of 2024. Brandt acknowledges the unpredictability of financial markets, emphasizing that surprises are inevitable. His forecast, however, is based on his analysis of the weekly Renko chart, which he trusts for its reliability and ability to filter out market noise.
Brandt stated, “Bitcoin chart I most trust BTC is the weekly Renko graph. Very few fake out moves – by my count, only 5 miscues in the past five years. The most recent signal was a buy at 22,000. I allocate a portion of my Bitcoin investing to this chart.”
The mention of a “chop fest in the meanwhile” suggests that Brandt anticipates periods of volatility and uncertainty in the cryptocurrency market before reaching new all-time highs.
The rise of Bitcoin is closely linked to the growing expectations surrounding spot Bitcoin Exchange-Traded Funds (ETFs). On October 24th, BlackRock’s Bitcoin ETF unexpectedly appeared on the website of the Depository Trust and Clearing Corporation (DTCC), a platform that provides clearing, settlement, and post-trade information services, according to Nasdaq.
This development quickly led to a surge in Bitcoin’s price, surpassing $35,000. The presence of well-established financial institutions in the cryptocurrency market continues to fuel optimism among investors and experts like Peter Brandt.
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