The name "Peach Basket" doesnt have relation to the Celtics itself, but it was the original name for Basketball. Basketball was invented in Springfield, Massachussetts in 1891 and the game consisted of a peach basket (basket used to hold peaches) and a soccer ball.
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When James Naismith invented the game, the hoop was a peach basket WITH the bottom still in it.
peach basket
Nailed peach basket onto a 10-foot (3.05 m) elevated track in Springfield Mass USA - 1891
Peach baskets were nailed onto a 10 foot high track. The bottoms were left on the baskets so each time a shot was good the ball would have to be retrieved from the basket.
In the beginning, basketball was played with a peach basket nailed to a post. James Naismith wrote the rules and had his gym class play the game. The peach baskets did not have a hole in the bottom and when a team got a basket, they had to get the ball manually. He removed the bottom so they could poke the balls out using a long dowel.