Key Points
- Peter Brandt predicts a new all-time high for Bitcoin during the 2024 halving.
- Brandt’s prediction contradicts Arthur Hayes’ forecast of a slump around the halving.
Peter Brandt, a veteran trader, has forecasted a new all-time high for Bitcoin (BTC) in the 2024 halving event.
This prediction is contrary to Arthur Hayes’ expectation of a slump in Bitcoin prices around the same period.
Bitcoin’s Current Market Status
Bitcoin is currently undergoing a correction to retest the falling logarithmic trend after a strong bullish outlook at the start of the week.
The digital currency is preparing to break through the psychological resistance level of approximately $74,000.
The fourth Bitcoin halving, which will reduce its annual inflation from 1.68% to about 0.84%, is expected to occur in about 11 days.
Bitcoin led the altcoin industry in tangible gains during the first quarter following the approval of spot BTC ETFs in the United States.
The supply of Bitcoin on centralized cryptocurrency exchanges has been decreasing, with almost 111,000 Bitcoins, worth more than $7.5 billion, being withdrawn from top-tier cryptocurrency exchanges in the last month alone.
This has resulted in a bullish outlook on Bitcoin and the entire altcoin industry in the coming quarters.
Peter Brandt’s BTC Price Prediction
Brandt believes that for the first time in Bitcoin’s history, the coin is likely to cross the halving event above the last cycle’s all-time high.
He predicts a bullish price action for Bitcoin to a new all-time high, followed by a retracement after the halving event.
Brandt also suggests that the upcoming Bitcoin halving could be a temporary sell-the-news event.
On the other hand, Brandt predicts that Ethereum (ETH) will become extremely bullish after the ETH/BTC pair reached a multi-year low with a bullish divergence on the weekly Relative Strength Index (RSI).
However, Hayes believes that the upcoming Bitcoin halving and the Fed’s “bag of tricks” will lead to a crypto “firesale”.
He argues that the narrative of the halving being positive for crypto prices is well entrenched, and when most market participants agree on a certain outcome, the opposite usually occurs.
