"There are actually many analysts for their views on BTC, but don't worry about it."
Peter Brandt, a veteran trader and analyst believes that the price of cryptocurrency king Bitcoin (BTC) will undergo volatile movements first before reaching an all-time high by the third quarter of 2024.
However, Brandt who has been a proprietary trader since 1975 remained cautious as he said that the future of BTC is still unclear and the crypto market will always have surprises.
After moving flat for a few months, BTC has recently managed to see a significant rally when there are rumors that a spot BTC ETF is likely to be approved soon.
On October 23, 2023, the BTC price broke through $35,000 as traders created a frenzy over BlackRock's iShares BTC ETF that was reportedly listed on the DTCC website.
While approval of the spot BTC ETF is by no means guaranteed, leading Bloomberg ETF analysts James Seyffart and Eric Balchunas expect a 90% chance of the product being approved before January 10, 2024.
While a senior executive from the global consulting firm Ernst & Young named Paul Brody is of the opinion that BTC spot approval can encourage many more large institutions to buy a large amount of the digital asset.
As of this writing, BTC price has plunged by 2.54% to $33,835 in the last 24 hours with a market cap of $660 billion but still posted an 18.12% jump over the last week.
