Accomplished market analyst Peter Brandt believes Bitcoin (BTC) has found its bottom, says the asset will not register new all-time highs (ATHs) until Q3 2024.
Brandt disclosed this in a recent market analysis in which he unveiled a reliable blueprint for accurately assessing Bitcoin’s price movements. In his post, the veteran trader emphasized that the market is susceptible to fluctuations, and no one can accurately predict its movements.
However, he boldly asserted that his blueprint has become so reliable that he can confidently make certain declarations regarding the price of Bitcoin. He called attention to a series of predictions.
Brandt’s 3-Point Forecast
The first highlight of Brandt’s predictions is that Bitcoin would not be seeing any new lows in the future. The renowned analyst asserted that the firstborn crypto has witnessed its bottom, or lowest price, in this cycle.
Bitcoin observed its lowest value for this cycle in December 2022 amid the escalating effects of the FTX implosion. Bitcoin collapsed to a low of $16,528, marking its lowest value in over two years. Brandt’s commentary signals that the asset cannot fall lower than this in the ongoing cycle.
The second highlight of Brandt’s forecast suggests that Bitcoin would not be seeing new all-time highs until the third quarter of next year. This assertion contradicts projections made by several market watchers and industry leaders amid the anticipation of a spot BTC ETF approval.
While Brandt failed to make any Bitcoin price predictions, he remained confident that the crypto asset would surpass its current all-time high of $69K from Q3 2024. Should the U.S. SEC approve spot BTC ETF between this quarter and Q1 2024, Bitcoin’s bull run could be massive, considering the upcoming halving in April 2024.
Brandt’s last comment suggests that the Bitcoin market might remain unpredictable for some time. “Chop fest in the meanwhile,” he remarked. Notably, a chop fest is a market condition which features an extended period of unpredictable price movements with no clear direction.
Bitcoin Primed for Massive Run
The trader confirmed that he has been using his blueprint for two years. An accompanying chart provided historical context to his commentary, highlighting the duration it has taken Bitcoin to hit new highs after collapsing from a previous high to its lowest point of the cycle.
Interestingly, between 2011 and 2013, it took BTC 21 months to drop from a previous high to $31.91 to a low of $1.99 and then back to a high of $1,242 in November 2013. Notably, Bitcoin had dropped 94% from the previous high of $31.91 to the low of $1.99.
This pattern repeated between 2014 and 2017 (41 months), and between 2017 and 2020 (36 months). Bitcoin now witnesses a similar pattern, having begun in 2021. The asset has already spent 41 months in the pattern for this cycle, with a 78% decline from its previous high.
In a separate analysis, Brandt called attention to a similar setup. He highlighted the weekly Renko graph, an indicator he regards as the most reliable for analyzing price movements. He noted that the indicator last flashed a buy signal when BTC was trading at $22,000.
Notably, Bitcoin last saw the $22,000 zone in March. The asset has remained above the price threshold since then. Brandt’s chart suggests that BTC could continue in this uptrend, as evidenced in historical data.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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