Bitcoin ETF

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<p class="is-style-lead">Veteran trader Peter Brandt believes that although Bitcoin has hit its floor, market participants should prepare for a rocky ascent to a new record high.</p>
<p>On Oct. 26, Brandt shared with his 660,000 followers on X, formerly Twitter, that Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) likely bottomed out in November 2022 and is poised to hit new highs by the third quarter of 2024.</p>
<p>While optimistic, he also noted caution in his statement, emphasizing that the future remains unpredictable and that markets are perpetually capable of surprises.</p>
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   <p lang="en" dir="ltr">Anyone who declares they know the future path of any market is a fool. Markets will ALWAYS surprise.<br><br>Yet, with this disclaimer, I believe:<br>1. The <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> bottom is in<br>2. New ATHs not coming until Q3 2024<br>3. Chop fest in the meanwhile<br><br>I've used this blueprint for approx 2 years <a href="https://t.co/hVt0zbTOsm" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/hVt0zbTOsm</a></p>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1717175571577516272?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 25, 2023</a>
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<p>When questioned by an X user about his views on Chainlink’s <a href="https://crypto.news/price/chainlink/" data-type="link" data-id="https://crypto.news/price/chainlink/" rel="noopener noreferrer nofollow">LINK</a> token, Brandt was unequivocal, stating he focuses solely on Bitcoin and is not swayed by what he termed as “pretenders.”</p>
<p>The veteran trader has been in the proprietary trading business since 1975 and has used this analytical framework for nearly two years.</p>
<p>You might also like: <a href="https://crypto.news/cnbcs-joe-kernen-warns-investors-to-prepare-for-the-halving-amid-bitcoin-etf-hype/" rel="noopener noreferrer nofollow"> CNBC’s Joe Kernen warns investors to ‘prepare for the halving’ amid Bitcoin ETF hype </a></p>
<p>He also later revealed that the weekly Renko graph is his preferred tool for tracking Bitcoin’s price movement. According to Brandt, this charting method minimizes the impact of misleading price movements and has only produced five errors in the last five years.</p>
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   <p lang="en" dir="ltr">Bitcoin chart I most trust <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> 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<br>What would be your ONE "go-to" chart? <a href="https://t.co/u0sxoSHgT5" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/u0sxoSHgT5</a></p>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1717260294412734520?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 25, 2023</a>
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<p>Recent market activity seems to support Brandt’s cautious optimism. Bitcoin has shown significant upward momentum after months of relatively flat price action. This surge is partly attributed to growing anticipation around approving spot Bitcoin exchange-traded funds (<a href="https://crypto.news/tag/bitcoin-etf/" data-type="link" data-id="https://crypto.news/tag/bitcoin-etf/" rel="noopener noreferrer nofollow">ETFs</a>).</p>
<p>On Oct. 23, Bitcoin saw its largest single-day rally over a year, briefly <a href="https://crypto.news/bitcoin-price-rise-in-october-2023-factors-and-forecasts/" rel="noopener noreferrer nofollow">crossing the $35,000</a> threshold. This spike was triggered by reports that Blackrock’s iShares Bitcoin ETF, known as IBTC, had been listed on the DTCC website.</p>
<p>Although the approval of a<a href="https://crypto.news/sec-might-cite-market-manipulation-to-deny-further-bitcoin-etfs/" rel="noopener noreferrer nofollow"> spot Bitcoin ETF</a> is not yet confirmed, Bloomberg ETF analysts James Seyffart and Eric Balchunas have predicted a 90% chance of approval by Jan. 10, 2024.</p>
<p>Read more: <a href="https://crypto.news/the-bitcoin-you-know-is-not-there-anymore-bitcoiner-explains/" rel="noopener noreferrer nofollow"> The Bitcoin you know is not there anymore: Bitcoiner explains </a></p>

Peter Brandt foresees Bitcoin’s rocky road to new highs

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