Bitcoin To Reclaim ATH Only by Q3 of 2024, Veteran Analyst Claims

In an unexpected turn of events, Bitcoin, the world’s leading cryptocurrency, has mounted a significant comeback. It rekindled optimism within the cryptocurrency market. On Oct. 23, Bitcoin orchestrated its most substantial single-day rally in over a year, briefly breaching the $35,000 threshold. This sudden surge in value was triggered by enthusiastic responses from traders. This was following reports of BlackRock’s iShares Bitcoin ETF (IBTC) making its debut on the Depository Trust & Clearing Corporation (DTCC) website.

The news of IBTC’s listing on the DTCC website injected a fresh wave of enthusiasm into the cryptocurrency space, reinforcing Bitcoin’s resilience and its capacity to elicit excitement in the market.

Bitcoin’s resurgence has also fueled discussions about its future trajectory. According to experienced trader and analyst Peter Brandt, Bitcoin may be on a course to achieve new all-time highs. However, this feat will come to be by the third quarter of 2024. Brandt, with 660,000 followers on X (formerly Twitter), recently shared his insights, indicating that Bitcoin likely hit its lowest point in November 2022. He noted that it is now on a trajectory that could lead to new record highs.

Nevertheless, Brandt, well aware of the inherent unpredictability of financial markets, exercised caution. He noted that markets will consistently possess the ability to surprise even the most seasoned analysts. His extensive experience, spanning back to 1975 as a proprietary trader, lends authority to his Analysis.

Brandt also disclosed his use of a specific methodology for nearly two years to comprehend Bitcoin’s price movements. This approach appears to have provided invaluable insights, instilling confidence in his projection of a potential return to all-time highs for the cryptocurrency.

Furthermore, Brandt revealed his preference for the weekly Renko chart as his primary tool for assessing Bitcoin’s price trends. He commended the Renko chart for its capability to filter out what he termed “fake moves,” emphasizing that it had produced only five erroneous signals over the past five years.

Also Read: Bitcoin Might Rise by $10,000 in a Day: Predicts Analyst

Is Bitcoin out of its rut?

Bitcoin’s recent upsurge follows an extended period of relatively stagnant price action. During this, the cryptocurrency market closely monitored developments regarding spot Bitcoin exchange-traded funds (ETFs). The potential approval of these ETFs has captured the attention of numerous market participants.

At press time, BTC was trading at $34,488.21 with a 1.27% daily surge. This comes with a 21% rise throughout the last couple of days.

Source

As Bitcoin persists in displaying resilience and generating enthusiasm, its future performance remains a subject of intrigue. While predictions are made about its trajectory, the cryptocurrency market, as always, retains the potential to astonish and captivate traders and investors alike.

Also Read: Bitcoin To Surge by 74% With Spot ETF Debut: Galaxy Digital Predicts

  • bitcoin
  • btc
  • crypto
  • cryptocurrency

Comments

Post a Comment

Popular posts from this blog

Genesis-Parent DCG Agrees to Settle Creditors' Claims

Image
Earlier this year in January 2023, Genesis filed for Chapter 11 bankruptcy after facing a major liquidity crisis following the collapse of crypto exchange FTX. The recent filing from Genesis parent DCG notes that the bankrupt crypto lender holds liabilities of $630 million in unsecured loans due in May 2023. Additionally, it also has a $1.1 billion unsecured promissory note due in 2032. advertisement As per the in-principle deal, the Digital Currency Group ( DCG ) is looking to undertake new debt facilities along with a repayment agreement. This will include a $328.8 million first-lien facility along with 2-year maturity. Additionally, it will also include a $830 million second-lien facility with a 7-year maturity. The filing notes that DCG is planning to pay a total of $275 million to its creditors in four installment payments. If executed, the proposed plan could lead to anticipated returns of approximately 70% to 90% for unsecured creditors in terms of U.S.
Read more

Silicon Valley Bank Reportedly Deactivates Twitter Account

Image
Following its closure last week, Silicon Valley Bank has reportedly deactivated its Twitter Account. Conversely, Twitter user @DrEliDavid reported the bank’s last post regarding their pride in making Forbes annual America’s Best banks for the fifth consecutive year. Alternatively, the financial institution has been auctioned off by the FDIC today. Subsequently, a purchase of the now-collapsed financial institution could arrive by Sunday night. Thus far, The Bank of London has been the only entity publicly reported to submit an official proposal. JUST IN: Silicon Valley Bank $SIVB reportedly deactivated its Twitter account. pic.twitter.com/vTkk1QK3zk — Watcher.Guru (@WatcherGuru) March 12, 2023 SVB Deactivates its Twitter Account The entire financial sector has been struck with panic, as SVB Financial was closed by California regulators last week. Moreover, the collapse signifies the largest bank failure since the 2008 financial crisis. Conversely, as the proc
Read more

Gemini Foundation, A Non-US Derivative Platform Goes Live

Image
Join Our Telegram channel to stay up to date on breaking news coverage A US-based crypto company, Gemini, has officially launched international derivative trading to serve around 29 countries and territories outside the United States. Gemini Foundation, the much-anticipated non-US derivative platform, has gone live and allows its customers to trade spot and derivative products. However, the new service targets retail and institutional traders, excluding US, UK and EU customers. 1/ We’re thrilled to announce that Gemini Foundation’s derivatives platform is now live with our BTC/GUSD perpetual contract trading across 30 countries. https://t.co/NyQLKhsZYt — Gemini (@Gemini) May 2, 2023 Nonetheless, some of the jurisdictions eligible for the services include Singapore, Hong Kong, India, Argentina, Bahamas, Bermuda, British Virgin Islands (BVI), Bhutan, Brazil, Cayman Islands, Chile, Egypt, El Salvador, Guernsey, Israel, Jersey, New Zealand, Nigeria, Panama, Peru, Philippines, S
Read more