Prominent trader Peter Brandt believes Bitcoin is not primed for a rally to a new all-time high yet, noting that this outlook is likely to change in the third quarter of 2024.
The investor’s take on the crypto market comes amid Bitcoin’s uptick to a new year-to-date high above $35,000. Following the upsurge, bullish calls for BTC price to embark on a meteoric rise amid key catalysts such as Bitcoin ETF and reward halving have increased.
Markets will always surpriseAlthough he notes that no one can claim with certainty that “they know the future path of any market,” his take is that the BTC bottom is in and that the bull market peak could be somewhere in Q3, 2024.
“Markets will always surprise,” Brandt said in a post on his X account. In his opinion, the current market outlook suggests traders should take into account a choppy period.
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
I've used this blueprint for approx 2 years pic.twitter.com/hVt0zbTOsm
Bitcoin reached its ATH of $69k in November 2021, before embarking on a downtrend that saw it hit lows of $15,600 a year later. The crypto winter hit its icy peak with the collapse of crypto exchange FTX in November 2022, a contagion event that left the market reeling.
Former FTX CEO Sam Bankman-Fried is currently on trial, with charges including fraud and money laundering.
In the market, 2023 has been largely positive for Bitcoin, with bullish sentiment over the potential for a spot ETF approval supercharging recent gains. Various analysts, including from JPMorgan and Standard Chartered, have offered major BTC price projections.
For instance, analysts at Standard Chartered think Bitcoin could reach $120,000 by the end of 2024. At current levels, Bitcoin price is up 23% in the past week and nearly 80% over the past year.
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