- Crypto enthusiasts should be prepared for something described as a “chopfest” by experienced trader Peter Brandt.
- When a user asked Brandt about his opinion on Chainlink (LINK) price, Brandt responded succinctly: “I am staying with BTC and not getting distracted by mimics.”
- Many believe that this surge in interest is due to careful scrutiny of spot Bitcoin exchange-traded funds (ETFs) as they come closer to potential regulatory approvals.
Experienced trader Peter Brandt believes Bitcoin has already hit its bottom, but he’s still warning investors to prepare for a complex journey toward the future.
Bitcoin Will Have a Complicated Path, According to Brandt
Brandt suggests that Bitcoin (BTC) probably has the potential to reach new all-time highs within the coming year, likely by November 2022, and continuing into the third quarter of 2024. However, he’s issued a warning, emphasizing the uncertainty of the future and the capacity of markets to always be prepared for surprises.
In a post dated October 26th, Brandt mentioned that Bitcoin has likely reached its lowest point in November 2022 and is on its way to new peaks by the third quarter of 2024. Nevertheless, he offered a warning, highlighting the uncertainty of the future and the capacity of markets to always be prepared for surprises.
When a user asked Brandt about his opinion on Chainlink (LINK) price, Brandt responded succinctly: “I am staying with BTC and not getting distracted by mimics.” Brandt has been adhering to this strategy for nearly two years as a seasoned trader who has been actively trading since 1975.
He later explained that his preferred chart to assess Bitcoin’s price movements is the weekly Renko chart. He claimed that this chart significantly reduces the frequency of false market signals and that he has made only five mistakes over the past five years.
ETF Excitement Ignites Bitcoin Price
After a relatively stagnant period of price movement, Bitcoin has seen a significant surge in value for no apparent reason. Many believe that this uptick is linked to careful examination of spot Bitcoin exchange-traded funds (ETFs) as they move closer to potential regulatory approvals. On October 23, Bitcoin experienced its largest single-day rally of the year and briefly surpassed $35,000. This wild surge came after reports that BlackRock’s iShares Bitcoin ETF (IBTC) was officially listed on the DTCC website.
While the approval of a spot Bitcoin ETF remains uncertain, leading ETF analysts at Bloomberg, James Seyffart, and Eric Balchunas, claim that the likelihood of approval is increasing and that they predict a 90% probability by January 10, 2024. Paul Brody, a senior executive at global consulting firm Ernst & Young, indicated that the significant corporate interest in Bitcoin is eagerly awaiting the approval of a spot Bitcoin ETF to enter the market.
