As Bitcoin reaches multi-month highs, the cryptocurrency community is buzzing with rising optimism about its future trajectory. However, renowned market analyst and trader Peter Brandt has taken a more cautious stance, asserting that anyone claiming to predict any market’s future is naive. He contends that the much-anticipated all-time highs [ATHs] won’t materialize until the third quarter of 2024.
Brandt, known for his provocative statements, believes that Bitcoin has already hit its lowest point, but traders and investors should prepare for a volatile journey to the next ATH. He shared his perspective, stating that he firmly believes the BTC bottom has been reached, but new highs won’t arrive until Q3 2024. In the X post [formerly Twitter], he relies on a blueprint he has used for nearly two years, acknowledging that markets always have the potential to surprise.
Recently, the seasoned prop trader pointed out a crucial point that Bitcoin has reached. He observed that if the cryptocurrency crosses the trendline, it could either act as a negative indicator or, on the contrary, a trap for bears. Brandt therefore urged users to closely monitor any anomaly in the trendline.
With a substantial following of nearly 700,000 on his official X platform, Brandt is considered a trading legend, given his extensive experience in foreign exchange and futures markets since 1975. His tweets naturally draw attention from traders and investors, sparking responses from the community.
Bitcoin’s Major Events Not Enough To Be Price Pullers
Earlier, Brandt dismissed Bitcoin’s two highly anticipated events of 2023—the halving and the potential approval of BTC ETFs—as “Non-Events.” Bitcoin halving, occurring every four years, reduces miners’ rewards by half, slowing down the creation of new BTC. The fourth Bitcoin halving is slated for April 16, 2024, reducing block rewards from 6.25 to 3.125 BTC per block.
Traditionally, Bitcoin halving events have resulted in substantial gains for investors. Each of the previous halvings in 2012, 2016, and 2020 saw Bitcoin prices rise in the months leading up to and following the event.
Additionally, market participants are eagerly anticipating developments concerning spot ETFs. Many believe such a product would attract significant institutional investments in BTC, potentially triggering a surge in its price. Despite widespread optimism in the crypto community, Brandt remains cautious, expressing skepticism about the potential impact of these developments.