Peter Brandt Says Bitcoin Will Break Through New ATH But Not This Year

Bitcoin is predicted to rise and set a new record next year. (Photo; Doc. Investopedia)

JAKARTA - Peter Brandt, one of the leading crypto market analysts, believes that Bitcoin (BTC) is already at the bottom of the current pricing cycle. He estimates that the new Bitcoin will set a new record high (ATH) in the third quarter of 2024.

In its latest analysis, Brandt said that it has a reliable blueprint to assess the trend of Bitcoin prices. He admits that the crypto market is highly volatile and difficult to predict, but its blueprint allows him to provide some estimates about the price of Bitcoin.

According to Brandt, Bitcoin will not touch any lower cycle base. It refers to December 2022, when the price of Bitcoin fell to $16,528, the lowest level in the last two years. Brandt believes that it is the cyclic basis for this crypto asset.

In addition, Brandt projects that Bitcoin will reach a new record high in the third quarter of 2024. He does not expect a significant Bitcoin price spike due to BTC's ETF approval. Instead, he predicts that a major spike will occur if the US SEC approves BTC's spot ETF between this quarter and the first quarter of 2024.

Brandt also warned that the Bitcoin market could still change for the time being, using the term 'chop manifest' to illustrate the situation.

In another analysis, Brandt highlighted a historical pattern in which Bitcoin took a long time to set a new record high after falling from the previous record to the base of the cycle. This is a pattern that occurred in several previous cycles, and today, Bitcoin has followed the same pattern for 41 months, with a 78% drop from the previous record.

Brandt also refers to the weekly Renko graph, which it considers a very reliable indicator to analyze the Bitcoin price trend. The graph last gave a buy signal when BTC was trading at $22,000 (Rp350 million), and since then, Bitcoin has remained above that level.

Overall, Brandt estimates that Bitcoin will continue its positive trend, according to the historical data he has observed. However, he also advises investors to remain vigilant and careful in making decisions.