Veteran trader Peter Brandt has made a significant adjustment to his Bitcoin price forecast for the ongoing market cycle. He is now eyeing a potential surge to $200,000. This updated projection comes on the heels of Bitcoin’s impressive rally beyond $57,000.
Technical Breakout Sparks Revision
With over 40 years of trading experience, Brandt attributes this revised outlook to Bitcoin’s recent breakout from a 15-month trading channel. This technical breakthrough marks the breach of a long-standing resistance zone that had constrained price movements. Consequently, Brandt has revised his earlier prediction of a $120,000 peak.
However, he underscores a critical caveat: his new target hinges on Bitcoin maintaining its current momentum. A weekly close below $50,500 would nullify the $200,000 projection. Presently, with Bitcoin hovering around $56,250, such a scenario seems increasingly unlikely.
Timeline For Bitcoin At $200,000
Brandt’s updated forecast also includes a timeline, anticipating the peak of the current market cycle in the third quarter of 2025. Historically, Bitcoin has followed four-year cycles influenced by halving events that reduced the miners’ rewards by half. These events have typically been followed by substantial price upswings.
The upcoming halving scheduled for April 2024 is projected to reduce the Bitcoin miner reward from 6.25 BTC to 3.125 BTC. This event and the recent introduction of U.S. Bitcoin ETFs fuel expectations of further price escalations for the flagship cryptocurrency.
Bitcoin Update
With the thrust above the upper boundary of the 15-month channel, the target for the current bull market cycle scheduled to end in Aug/Sep 2025 is being raised from $120,000 to $200,000. $BTC
A close below last week's low will nullify this interpretation pic.twitter.com/19ZXpAQW0v— Peter Brandt (@PeterLBrandt) February 27, 2024
Read Also: Van de Poppe Analyzes Possible Bullish Future of Bitcoin (BTC), Ethereum (ETH), Cardano (ADA)
Approaching All-Time Highs?
Bitcoin stands just 18% below its previous all-time peak of $69,000 set in 2021. Should the current upward trend persist, Bitcoin could potentially surpass its previous record and achieve new highs before the next halving event.
While Brandt’s heightened forecast paints an optimistic picture, it is essential to recognize that the cryptocurrency market remains volatile and subject to unforeseen developments. Investors are strongly advised to conduct thorough research, evaluate their risk tolerance levels, and approach forecasts with prudence and informed judgment.
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