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Peter Brandt Says Bitcoin Has Not Hit ATH in 3 Years on This Condition

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Wed, 24/04/2024 - 10:14
Peter Brandt Says Bitcoin Has Not Hit ATH in 3 Years on This Condition
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Legendary trader Peter Brandt has shocked the community on his latest take regarding Bitcoin’s all-time high (ATH) price record. Taking to his official X account, the legendary trader revealed that the Bitcoin price has not achieved any ATH over the past three years.

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Peter Brandt yardstick

The statement is at first counterintuitive to a layman because Bitcoin achieved its highest price level worth $73,750.07 on March 14. According to Peter Brandt, the Bitcoin price, adjusted for inflation, has not reached a new high in three years.

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Per this metric, Peter Brandt posited that despite the approved spot Bitcoin ETF and the recently recorded BTC halving event, the coin's price remains low considering U.S. consumer purchasing power. Per the chart he shared to demonstrate the BTC adjusted price in relation to consumers' buying power, the coin last hit a high price in the second half of 2021.

Riding on this, the legendary trader said he and the best traders he has met in over 50 years of trading would like to know what Bitcoin bears think about the enormous potential that the cryptocurrency wields.

Bitcoin price forecasts

As one of the most vocal traders on the market, Peter Brandt has always been forthright about his confidence in Bitcoin as an asset class. This stance, however, notably contrasts with his take on Ethereum (ETH).

Besides Brandt, many other market investors and analysts have issued a very high price target for Bitcoin. This is in hopes that spot Bitcoin ETF will trigger more demand in the future, a trend that the reduced supply from the halving will complement.

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One such massive forecast came from "Rich Dad Poor Dad" author Robert Kiyosaki. The financial expert predicted that the price of Bitcoin would soar well past $100,000 by the end of this year.

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