Bitcoin has experienced a remarkable recovery recently, with its price surpassing $71,000. This surge in value has caught the attention of market veteran Peter Brandt, who has identified three potential bullish targets for BTC.
To provide some context, Bitcoin reached a four-month high of $71,500 earlier today. This milestone comes after three consecutive days of gains since October 26. The cryptocurrency is now aiming for a fourth day of gains.
The rally in Bitcoin’s price has sparked renewed optimism in the market, particularly with the upcoming U.S. presidential election and the increased confidence shown by whale addresses.
Peter Brandt has shared his analysis on X, outlining three potential bullish price targets for Bitcoin. Each target is based on a different analytical approach, providing alternative perspectives on the cryptocurrency’s potential upward trajectory.
The first chart presented by Brandt discusses a measured move target of $94,000. This target is derived from an inverted expanding triangle pattern on a semi-log scale. Interestingly, Brandt had previously identified this pattern as bearish. However, with Bitcoin breaking above the $69,985 resistance level, the breakout suggests a continuation of the bullish trend. If Bitcoin can maintain its value above $70,000, it could act as a new support level, potentially leading traders to target the $94,000 mark.
Brandt’s second chart presents a more ambitious target of $230,000. This target is calculated by projecting the upward swing from the November 2022 low to the March 2024 high and applying it from the August 2024 low. Brandt acknowledges that this target may be ambitious and prefers to focus on one target at a time. The projection aligns with the idea that Bitcoin’s price movements often follow similar patterns to previous cycles, particularly after significant events like halvings.
The third chart presented by Brandt dates back to June and suggests a target of $160,000 based on Bitcoin’s cycle symmetry. Brandt highlights the “beautiful symmetry” of Bitcoin’s past bull market cycles and uses the timing of previous peaks and halvings as the foundation for his analysis. Each halving cycle has resulted in a new all-time high within 490 to 550 days, and the $160,000 target aligns with this timing. The target is marked along a long-term trendline that extends through Bitcoin’s prior highs, indicating that it could be a reasonable peak within the current cycle.
It is important to note that these targets are not guaranteed outcomes and should not be considered financial advice. Readers are encouraged to conduct thorough research before making any investment decisions. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. The Crypto Basic is not responsible for any financial losses incurred.
