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Peter Brandt, a seasoned trader with decades of experience, anticipates that Bitcoin might surge to record-breaking values by the third quarter of 2024. However, he also suggests that there might be market fluctuations before this surge, hinting at potential hurdles for cryptocurrency investors.
On October 26, through a message on the social platform X, previously known as Twitter, Brandt communicated with his substantial follower base, numbering 660,000. He opined that Bitcoin might have hit its lowest in November 2022. However, he balanced his optimism with a realistic note, mentioning the unpredictable nature of markets, which often throw unexpected turns.
In a conversation on X, a user sought Brandt's perspective on another cryptocurrency, Chainlink's LINK. Brandt firmly stated his focus remains on Bitcoin, and he is not swayed by other cryptocurrencies, which he somewhat dismissively referred to as "pretenders." With a trading history dating back to 1975, Brandt has been utilizing a specific strategy for Bitcoin for nearly two years.
In another message, Brandt professed his preference for the weekly Renko graph when tracking Bitcoin's price. He believes this chart reduces the impact of misleading price movements. Recent times have witnessed a noticeable positive shift in Bitcoin's value, and many attribute this trend to the anticipated approval of Bitcoin exchange-traded funds (ETFs).
A significant highlight was on October 23, when Bitcoin recorded its most substantial single-day surge in over a year. The cryptocurrency surpassed the $35,000 benchmark, generating immense excitement among traders. This was particularly after news surfaced about Blackrock's iShares Bitcoin ETF, IBTC, being listed on the DTCC website.
The approval of a Bitcoin ETF is still up in the air, but Bloomberg ETF analysts James Seyffart and Eric Balchunas, are optimistic. They project a high probability, almost 90%, of its approval by January 10, 2024. Additionally, Paul Brody from the renowned global consulting company Ernst & Young, emphasized the keen interest of institutional investors in Bitcoin. Many of these investors are reportedly awaiting the Bitcoin ETF's green light to invest.
