Renowned figure in the markets, Peter Brandt, shared a bullish chart for <a href="https://en.coin-turk.com/bitcoins-direction-remains-uncertain-as-analyst-points-to-critical-price-levels/”>Bitcoin (BTC) predicting new all-time highs (ATH) for the cryptocurrency. The analyst revealed the method he used to create the charts to his followers.
$70,000 Target for BTC
The senior analyst detailed his plan, which he has been using for about two years, to outline a possible timeline for Bitcoin to surpass the $70,000 mark. Peter Brandt stated the following regarding the matter:
Anyone claiming to know the future path of any market can be wrong. Markets will always surprise. But with this disclaimer, I believe: 1. The bottom of BTC. 2. New ATHs will not come until the 3rd quarter of 2024. 4. Chop festival in the meantime. I have been using this plan for about 2 years.
The expert, Peter Brandt, divides Bitcoin’s life cycle into periods of bullish sentiment followed by consolidation phases. He suggests that BTC will break its long-term range until mid-2024 and then reach new highs in the third quarter of the year.
Short-Term Prediction for BTC
Peter Brandt, also considering the short-term outlook for the leading cryptocurrency, stated that Bitcoin has enough momentum to approach $40,000 based on a convincing break above the $32,000 level.
Brandt previously predicted that Bitcoin would eventually become the dominant cryptocurrency in the field, while most altcoins would lose their validity. The analyst said the following about the matter:
My bias is that Bitcoin will bury all its imitators. There will eventually be one ‘King of the Hill,’ and it will be Bitcoin… Bitcoin is an old cryptocurrency and will withstand and be more valuable than all the imaginary crypto imitators.
In conclusion, Peter Brandt believes that Bitcoin will reach an ATH of $70,000 in 2024, surpassing other altcoins and becoming the leader. At the time of writing, Bitcoin is trading just below the new high of $35,000 for 2023.
