Bitcoin Could Reach New Highs, Says Veteran Trader Peter Brandt

Renowned trader Peter Brandt has stirred the cryptocurrency community with his recent Bitcoin predictions. According to him, if the current bullish pattern continues, Bitcoin could reach or even surpass its previous records. This analysis was shared in a post on X (formerly known as Twitter) on May 2nd.

Brandt, known for his sharp technical analysis, noted that Bitcoin maintains a stability and upward momentum that could propel it to new heights. His post generated intense discussions, with divergent opinions emerging in the community. Some experts are skeptical about Brandt’s projections, recalling past predictions where he pointed out that Bitcoin could retreat to US$40,000, and question whether the cryptocurrency has already reached its peak.

Despite the criticism, Brandt remains optimistic, stating his belief in an upward trajectory for Bitcoin. On his blog, he discusses the unique characteristics of cryptocurrency that make it stand out in the financial market: security against intrusions, limited supply, global acceptance, tracking capacity and speed in transactions.

If Bitcoin can hold these lows and move higher the chart will qualify as a very common bull market continuation chart construction. $BTC pic.twitter.com/M8pBTUwszt

— Peter Brandt (@PeterLBrandt) May 2, 2024

“The major breakthroughs in BTC were not only parabolic in nature, but also parabolic in nature on a logarithmic scale. I can’t find any other stock, commodity or publicly traded asset that can make the same claim,” states Brandt, reinforcing Bitcoin’s unique potential compared to other assets.

At the time of publication, the price of BTC was quoted at US$63,657.65, up 6% in the last 24 hours.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.