Peter Brandt urges Bitcoin traders to brace for a chop-fest

Bitcoin has bottomed, but ahead lies a “festival of swings”. This was stated by the technical analyst and head of Factor LLC Peter Brandt.

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 meanwhile

I’ve used this blueprint for approx 2 years pic.twitter.com/hVt0zbTOsm

— Peter Brandt (@PeterLBrandt) October 25, 2023

The expert urged not to count on a new ATH until Q3 2024. Traders should prepare for a “volatile battle”.

Brandt noted that his analysis was based on the weekly рэнко chart.

“There are very few false signals — by my count, only five misses in the last five years. The most recent trigger was a buy at $22,000. I allocate a portion of my Bitcoin investments to following this chart,” he explained.

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. The most recent signal was a buy at 22,000. I allocate a portion of my Bitcoin investing to this chart
What would be your ONE “go-to” chart? pic.twitter.com/u0sxoSHgT5

— Peter Brandt (@PeterLBrandt) October 25, 2023

Analyst and founder of MN Trading Michaël van de Poppe noted that Bitcoin’s price hit the upper bound of a three-day range near $35 000. In his view, a breakout of this level would move toward $37 000. For altcoins, a period of consolidation would be preferable, he added.

#Bitcoin challenging itself around the range-highs.

Breakout above and we’ll see $37K, but for #Altcoins you’d rather have a period of sideways consolidation. pic.twitter.com/HRAjrUTDid

— Michaël van de Poppe (@CryptoMichNL) October 26, 2023

The trader going by the handle Titan of Crypto pointed to Bitcoin’s breakout from the “Indecision Zone”. To clear the second resistance, it took 39 weeks for the digital gold.

#Bitcoin Escaped from the Indecision Zone. ?

As expected, #BTC exited the Indecision Zone.
It took 39 weeks for Bitcoin to break the 2nd resistance.

? pic.twitter.com/D7jGj9PzQH

— Titan of Crypto (@Washigorira) October 25, 2023

Analyst Willy Woo noted the continuation of the trend of shrinking exchange balances [signalling a decrease in selling pressure].

Available #Bitcoin on exchanges continue to dwindle. pic.twitter.com/9YrByAKUol

— Willy Woo (@woonomic) October 25, 2023

As noted by Glassnode analysts, Bitcoin key barriers near $28 000, both technical and on-chain in nature.

Earlier, analysts, based on an assessment of capital flows between hodlers and speculators, concluded that Bitcoin’s current market structure bears similarity to phases of recovery after bear dominance in 2016 and 2019.