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.
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.
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.