In the wake of Bitcoin’s recent surge, market veteran Peter Brandt has highlighted three bullish targets for the cryptocurrency. Bitcoin reached a four-month high of $71,500 earlier today, breaking the $71,000 mark for the first time since October. This upward momentum has sparked optimism in the market, particularly with the approaching U.S. presidential election and increased confidence among whale addresses.
Brandt, sharing his insights on X, presented three potential price targets for Bitcoin. The first target of $94,000 is based on an inverted expanding triangle pattern on a semi-log scale. Brandt had previously identified this pattern as bearish, but the recent breakout above the resistance level of $69,985 suggests a continuation of the bullish trend. If Bitcoin maintains its position above $70,000, it could act as a new support level, potentially leading to a push towards the $94,000 mark.
The second chart presented by Brandt is more ambitious, projecting a target of $230,000. This target is calculated by projecting the upward swing from the November 2022 low to the March 2024 high, applied from the August 2024 low. Brandt acknowledges that this target may be ambitious, as he prefers to focus on one target at a time. However, it aligns with the notion that Bitcoin’s price movements often mirror previous cycles, particularly after significant events like halvings.
The third chart focuses on Bitcoin’s cycle symmetry and presents a target of $160,000. Brandt emphasizes the “beautiful symmetry” of Bitcoin’s past bull market cycles, using the timing of previous peaks and halvings as a basis for analysis. Each halving cycle has resulted in a new all-time high approximately 490 to 550 days later, suggesting that $160,000 could be a reasonable peak in the current cycle. This target is marked along a long-term trendline that extends through Bitcoin’s prior highs, serving as a guide for its macro trajectory.
It is important to note that these targets are not financial advice, but rather informative insights. Readers are encouraged to conduct thorough research before making any investment decisions.