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- 1 The analyst believes that Bitcoin is set for another all-time high but not before 2024.
- 2 Bitcoin is trading 20% above in the last seven days anticipating approval of BlackRock’s proposed spot BTC ETF.
The global crypto market had witnessed another crypto winter that was also a watershed moment for the industry. Many prominent names were wiped out due to the storm and crypto assets saw their recent lows.
But the assets seem to ride the optimism wave again after the prices have been stalling for a long time. Recently, a well-known analyst also put his perspective on Bitcoin’s next ATH but indicated the road ahead may not be straight.
A popular voice among investors, Peter Brandt shares his vision on the potential journey for Bitcoin (BTC). He noted that the “markets will ALWAYS surprise” and still put forward his opinion with a “disclaimer.”
Brandt noted in the post that the flagship cryptocurrency already saw the downfall in November 2022 and is now ready to move only upwards. He predicts it may see its next all-time high by the third quarter of 2024. But he added a precautionary line that investors should also be looking at and prepare for a “chopfest” in the meantime.
The self-proclaimed proprietary trader in the space since 1975 mentioned a blueprint he used to come up with the conclusion highlighted in the post.
In the following post, the analyst revealed his “go-to” Bitcoin chart—weekly Renko Graph. The reason he trusts the chart the most is as he stated it gave only “5 miscues in the past five years.” He added that he made an investment after the suggestion of the chart.
Bitcoin’s Recent Sprint—Bull Run Coming?
The flagship cryptocurrency recently saw a significant price rise in the wake of traders’ and investors’ optimism. They found the highly anticipated spot Bitcoin ETF from BlackRock listed on DTCC. Catching the unconfirmed signal of its potential approval, BTC price soared to the recent highs last seen during May 2022.
However, the post-trade settlement platform later clarified that the ticker had been there since August and was not to be taken otherwise. The ticker was also removed from the website after some time.
Bitcoin price is stuck near the recently attained high. In a short sprint, it saw an increase of about 20% within two days and hit the trading price of $35,000. Currently, BTC is trading at $34,700 after a 22% increase in the last seven days.
ETFs Acting as Crucial Catalyst to Pump Bitcoin Price
The exchange-traded funds (ETFs) are popular financial products in the traditional financial markets and decentralized markets are lured towards them too. Many entities filed with the Securities and Exchange Commission (SEC) for approval of crypto ETFs. Though some of them succeed and there are several futures crypto ETFs around, a spot ETF is still awaiting.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
