Peter Brandt says Bitcoin bottom is in, but prepare for a 'chopfest'

The prop trader believes that while Bitcoin has already bottomed, traders should brace themselves for a volatile fight to the next new all-time high.) may reach new all-time highs by the end of next year, but crypto investors should brace themselves for a “chopfest” in the meantime, according to veteran trader and analyst Peter Brandt.

In an Oct. 26 post on X , Brandt told his 660,000 followers that Bitcoin had likely already bottomed in Nov. 2022 and that the cryptocurrency is on track to notch new highs by the third quarter of 2024.Still, Brandt erred slightly on the side of caution with a disclaimer, saying that the future is never certain and that markets will “always” surprise.Brandt — who has been a proprietary trader since 1975 — explained that he’d been using the aforementioned blueprint for nearly two years.

He added in a later post that his favorite chart for Bitcoin price movement is the weekly Renko graph, which — in his view — alleviates many “fake moves” and had only delivered five miscues in the past five years.is the weekly Renko graph. Very few fake out moves - by my count, only 5 miscues in the past five years. The most recent signal was a buy at 22,000. I allocate a portion of my Bitcoin investing to this chart.

While a spot Bitcoin ETF approval is in no way guaranteed, leading Bloomberg ETF analysts James Seyffart and Eric Balchunassays there is massive institutional interest for Bitcoin

Source: Digital Coin News (digitalcoinnews.net)

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