Advertisement
Expert Trader Peter Brandt Predicts All-Time High in 2024: Here is His Blueprint
- Veteran trader Peter Brandt has posted about the current Bitcoin market and where in the cycle he believes we are.
- While he said nobody can accurately predict the markets, he shared three main themes he has identified for himself.
- Brandt points to Renko charts as his go-to charts with very few fake out moves.
Amid the recent highs experienced by Bitcoin (BTC) and the overall crypto market, seasoned trader Peter Brandt shares his insights into the market. The popular analyst and founder of the educational platform, Bitcoin Live, shared some charts and patterns that he uses to make educated guesses. However, he stresses that only fools claim to be able to predict the market’s future, adding, “Markets will ALWAYS surprise.”
Brandt’s Three Lessons for Investors
First, Brandt believes that the price of Bitcoin has reached its lowest point in the current market cycle. Considering his long-standing interest in the markets, he likely based this on a variety of factors, such as technical analysis, fundamental analysis, and market sentiment.
He also suggests that Bitcoin will not reach a new record price until the third quarter (Q3) of 2024. This can be seen as a bearish or conservative outlook, depending on the context, as it implies that for a considerable period, the price of Bitcoin will remain below its highest historical levels.
With this in mind, Brandt argues that we will see a “chop fest” in the meantime. A “chop fest” implies that there will be a lot of price volatility without a definitive trend, and it can be a period where traders need to be cautious as the price can swing unpredictably.
This can be frustrating for trend traders who thrive on clear upward or downward movements.
Renko Charts to Eliminate Noise
While Brandt certainly has a wide range of tools at his disposal, he favours Renko charts for his Bitcoin analysis. He stated, “Bitcoin chart I most trust BTC is the weekly Renko graph. Very few fake out moves – by my count, only 5 miscues in the past five years.”
Renko charts can help traders eliminate noise from their analysis. Because bricks are only drawn when the price moves by the specified box size, minor price fluctuations are filtered out. This can help traders focus on significant trends and reversals.
While this provides a cleaner look at trends and support/resistance levels it doesn’t capture all price data, especially in consolidating markets.
Despite their uniqueness, Renko charts might not be suitable for all traders or all types of analysis. It’s crucial to understand the chart’s strengths and weaknesses and consider them in the context of one’s trading strategy.
However, as Brandt states, they can be used in a balanced investment approach, he added, “I allocate a portion of my Bitcoin investing to this chart.”
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
