Legendary trader Peter Brandt has come out with a bullish chart that predicts new all-time highs (ATHs) for Bitcoin (BTC).
The veteran trader shares his “blueprint,” which he says he’s been using for about two years, to detail a potential timeline for the king crypto to break the $70,000 level.
“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.”
Source: Peter Brandt/X
Brandt breaks Bitcoin’s lifecycle up into bullish impulses followed by periods of consolidation. He appears to suggest that BTC will break out of its long-term range by mid-2024, and then hit new highs in the third quarter of the year.
Looking at the shorter term, Brandt says that Bitcoin’s current impulse has enough steam to make it near $40,000, based on its convincing break above the $32,000 mark.
“Post from Discord yesterday just prior to the upside thrust.”
Source: Peter Brandt/X
At time of writing, Bitcoin is trading just underneath the $35,000 level, a new high for 2023.
Brandt has previously predicted that Bitcoin will ultimately become the ruling crypto asset of the space, knocking out most altcoins from relevancy.
“My bias is that Bitcoin will bury all pretenders. Eventually, there will be only one ‘King of the Hill,’ and it will be Bitcoin…
Bitcoin is the legacy coin and will outlast and out-value all of the make-believe crypto wannabes.”
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Generated Image: Midjourney
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