- Veteran trader Peter Brandt believes Bitcoin has already bottomed from its 2022 bear market, but warns of volatility ahead before new all-time highs.
- Brandt expects Bitcoin to reach new all-time highs by Q3 2024, though he cautions the future is uncertain and markets are full of surprises.
- Bitcoin’s recent rally is attributed to optimism around a spot Bitcoin ETF approval, with analysts predicting 90% chance of approval by January 2024.
Veteran trader Peter Brandt believes Bitcoin has already bottomed from its 2022 bear market, but warns crypto investors to prepare for volatility on the road to new all-time highs.
Peter Brandt’s Market Outlook
The prop trader, who has been active since 1975, says Bitcoin likely bottomed in November 2022. He expects Bitcoin to reach new all-time highs by the third quarter of 2024. However, Brandt cautions that the future is uncertain and markets are always full of surprises.
Thoughts on Altcoins
When asked about Chainlink (LINK), Brandt said he sticks with Bitcoin and doesn’t get distracted by “pretenders.” The veteran trader explained he’s been using his current market blueprint for almost two years. Brandt added that his favorite Bitcoin chart is the weekly Renko, which he says avoids fake moves.
Driving Bitcoin’s Recent Rally
After months of sideways trading, Bitcoin has seen significant upward momentum lately. Many attribute Bitcoin’s strong performance to growing optimism around a spot Bitcoin ETF approval. On October 23rd, Bitcoin briefly topped $35,000 after BlackRock’s potential ETF was listed on the DTCC website.
Likelihood of ETF Approval
Leading ETF analysts predict a 90% chance of ETF approval by January 2024. Meanwhile, a senior executive at Ernst & Young says institutional investors are waiting on the sidelines for an ETF to trigger Bitcoin purchases.
Conclusion
While choppy waters lie ahead, veteran trader Peter Brandt believes the Bitcoin bottom is in. He expects new all-time highs by late 2024, but cautions that markets will remain volatile on the road to the next peak.
