Trader Peter Brandt shared his thoughts on the prospects for further movement of BTC.
The trader believes that the next growth target for Bitcoin (BTC) could be the level of $43,200. The forecast is based on calculations of the expected trajectory of the asset through the measurement of technical analysis figures.
Prior to this, Brandt gave a long-term forecast for Bitcoin. According to his calculations, cryptocurrency will enter an active growth phase no earlier than the third quarter of 2024 after the spring halving.
Anyone who declares they know the future path of any market is a fool. Markets will ALWAYS surprise.
Yet, with this disclaimer, I believe:
1. The $BTC bottom is in
2. New ATHs not coming until Q3 2024
3. Chop fest in the meanwhileI’ve used this blueprint for approx 2 years pic.twitter.com/hVt0zbTOsm
— Peter Brandt (@PeterLBrandt) October 25, 2023
Peter Brandt believes that the crypto market has already passed cyclical lows. Previously, against the backdrop of the collapse of the FTX crypto exchange in November 2022, Bitcoin dropped to $15,000.
According to the analyst, Bitcoin is the only cryptocurrency worthy of attention. He considers all other coins, including Ethereum (ETH), to be scams. Brandt is confident that only BTC can survive.
BTC to hit $1m price
Amid the backdrop of recent growth, co-founder of the BitMEX exchange Arthur Hayes said that the crypto market has already entered a bullish phase. He also predicted a jump in the price of Bitcoin and Ethereum to $1 million and $100,000, respectively.
This summer I visited the ancestors in Rapa Nui and I asked them when the bull market would arrive?
They told me to be patient, read the words of the Lord, and I would know when to YOLO.
The time is now!$BTC = $1mm$ETH = $100k
Yachtzee bitches!!! pic.twitter.com/ufV9nthSDg
— Arthur Hayes (@CryptoHayes) November 10, 2023
Hayes made his forecast against the backdrop of a sharp jump in the rates of both Bitcoin and Ethereum. The first one surpassed the important level of $37,000, but failed to “break through the ceiling” of $38,000.
This happened shortly after Bloomberg Intelligence’s forecast about the likelihood of approval of spot Bitcoin ETFs before Nov. 17.
