According to renowned trader Peter Brandt, who is known for his industry expertise, he recently made a surprising statement about Bitcoin‘s all-time high (ATH) price record in a post on his official X Twitter account. In contrast to popular belief, Bitcoin has not set a new ATH during the previous three-year period.
Peter Brandt yardstick
It might seem surprising to a non-expert that Bitcoin reached an all-time high price of $73,750.07 on March 14th. However, according to financial analyst Peter Brandt, when you take inflation into account, Bitcoin’s previous record-breaking price was actually three years ago.
According to Peter Brandt’s analysis based on this metric, the Bitcoin price has stayed low despite the approval of a Bitcoin ETF and the BTC halving event. He showed in a chart that the coin reached its highest price relative to U.S. consumer buying power in the second half of 2021.
The renowned trader, after experiencing such a ride, expressed his curiosity along with the finest traders he’s encountered throughout his 50-year career in trading, as they are eager to understand the perspectives of Bitcoin skeptics regarding its immense potential.
Over the past 50 years of engaging in futures market trading, I’ve come across the most successful traders who genuinely care about the perspectives of those on the opposite side of their transactions. This interest extends beyond technical analysis to a broader understanding of global economic trends.
— Peter Brandt (@PeterLBrandt) April 23, 2024
Bitcoin price forecasts
Peter Brandt, known for his outspoken trading views, is bullish on Bitcoin as a valuable investment asset. In contrast, his perspective on Ethereum (ETH) is quite different.
Alongside Brandt, numerous other market players and experts have put forward significant price predictions for Bitcoin. They hold faith that the approval of a Bitcoin ETF will lead to increased demand, a development that the decreased supply from the halving event will reinforce.
Robert Kiyosaki, renowned finance author of “Rich Dad Poor Dad,” made a bold prediction: Bitcoin’s price could exceed $100,000 by the end of this year.
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2024-04-24 13:15