Veteran Trader Peter Brandt Showcases Bitcoin as Price New Move Spotted

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Written By Maya Cantina

Sat, 30/03/2024 – 15:08

Cover image via youtu.be

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In a bold declaration, veteran trader Peter Brandt, with over four decades of experience tracking markets, has revealed Bitcoin as one of his largest investment holdings. Brandt posted a BTC chart alongside that of gold with the caption: “Charts of my two largest investment holdings.”

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On the Bitcoin chart, Brandt highlighted the patterns that had led to BTC price breakouts in its prior and current price cycles.

Brandt’s assertion comes at a pivotal moment for the cryptocurrency market, as Bitcoin’s price hovers in a critical range, prompting speculation about potential future movements.

Bitcoin’s price has been consolidating in a tight range since March 26, oscillating between $68,369 and $71,789. Meanwhile, investors and traders continue to closely watch for signals of potential new moves.

Bitcoin (BTC) traded around $70,000 at the time of writing, showing little change in the past 24 hours.

Bitcoin halving now 23 days away

Bitcoin’s reward halving, a quadrennial event due in April, will lower mining rewards to 3.125 BTC from 6.25 BTC. according to OKLink, the estimated date for this much-anticipated event is April 23, 2024, with a present countdown of 23 days.

With Bitcoin’s reward-halving event on the horizon, there are speculations that this could spark additional inflows into U.S.-based spot BTC ETFs, propelling values into the six digits in the coming months.

In an earlier prediction, Peter Brandt expects the ongoing Bitcoin (BTC) bull market to peak at $200,000.

Michael van de Poppe, a cryptocurrency analyst, anticipates a Bitcoin price top of $300,000-$600,000 in this current bull cycle, citing a strong pre-halving surge that outperformed past cycles.

In the very short term, crypto analyst Ali predicts a potential increase of 4.44%, targeting a price of $74,760 should BTC maintain its position above the 200 EMA and surpass the neckline resistance at $71,580 as Bitcoin shows a head-and-shoulders formation on the 30-minute chart.

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