Veteran prop trader Peter Brandt commented on Bitcoin's February monthly close, saying that he is betting on this being a "starting" candle that leads to much larger gains.
What Happened: Brandt shared his interpretation of Bitcoin's largest-ever nominal dollar value monthly gain on his X (formerly Twitter) profile:
Should note that huge monthly bars are usually "starting" or "take-off" candles or "ending" or "blow-off" candles.
— Peter Brandt (@PeterLBrandt) March 1, 2024
My bet is that this is a "starting" candle. Note the bars in late 2020. $BTC
Oct 2021 was blow off candle for example pic.twitter.com/DA9d6oZljv
Brandt, who has nearly 50 years of experience in prop trading, has been vocal about his bullish predictions for Bitcoin BTC/USD. On Feb. 27, he predicted a price target of $120,000 to $200,000 for Bitcoin's bull market cycle by August or September 2025.
Why It Matters: BlackRock's iShares Bitcoin Trust IBIT has become one of only 152 ETFs out of 3,400 to reach $10 billion in assets under management (AUM).
It also accounts for 42% of BlackRock's ETF inflows in 2024 and 0.2% of the fund's ETF AUM.
The Fidelity Wise Origin Bitcoin Fund FBTC accounts for 2% of Fidelity's AUM in ETFs and 64% of its year-to-date ETF inflows, as reported by Bloomberg's Senior ETF Analyst Eric Balchunas.
These factors have been the underlying growth driver behind Bitcoin's staggering run.
Technical analyst Michael van de Poppe chipped in on the inflows, saying the level of institutional interest makes him even more bullish for the years to come.
Price Action: At the time of writing, Bitcoin was trading at $62.733, up 3.1% in the last 24 hours, according to data from Benzinga Pro.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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