Veteran Trader Claims BTC’s Bottom Is Behind Us, Expects a New ATH in the Third Quarter of 2024

Crypto News– Peter Brandt, a seasoned proprietary trader with a wealth of experience in the financial markets, recently unveiled his prognosis regarding the timing of the next Bitcoin (BTC) all-time high (ATH).

Veteran Trader Claims BTC’s Bottom Is Behind Us, Expects a New ATH in the Third Quarter of 2024

Brandt, to begin with, emphasized the inherent unpredictability of cryptocurrencies like Bitcoin, asserting that nobody can truly foresee their future trajectory, given the market’s proclivity for delivering unexpected twists and turns. In his words, “Anyone who claims to have definitive knowledge about the future direction of any market is simply misguided. Markets will forever remain full of surprises.”

However, Brandt did express a firm belief that Bitcoin has likely reached one of its lowest points and is now poised for an impressive ascent towards new all-time highs. According to his analysis, these new highs for Bitcoin are not anticipated until the third quarter of the upcoming year, 2024.

Accompanying Brandt’s insights was a chart depicting the historical performance of Bitcoin. This chart, which he described as a “blueprint,” illustrated Bitcoin’s journey from 2011 to the present and outlined his expectations for 2024. In particular, the chart presented the duration of bearish phases Bitcoin endured before experiencing substantial breakthroughs, essentially representing a “cycle from peak to trough to new peak.”

The chart highlighted that between 2011 and 2013, Bitcoin weathered 21 bearish months, during which it plummeted by 94%. Subsequently, in the subsequent cycle, it underwent an 87% decline and remained in the red for 41 months. In the most recent bullish phase for Bitcoin, the cryptocurrency witnessed 36 months of bearish trends before its impressive resurgence.