The well-known trader and analyst Peter Brandt, renowned for his accurate Bitcoin predictions, has recently issued a new forecast for the current bull market cycle. Instead of his previous estimate of $120,000, he now sees a potential target of $200,000 for the cryptocurrency.
The expert's analysis relies on a thorough technical analysis, identifying a significant breakout of Bitcoin above a key resistance channel. While the current price of Bitcoin is at $56,000, the analysis suggests that a closing price below the last week's low of $41,000 could signal short-term upward movements.
Bitcoin Update
— Peter Brandt (@PeterLBrandt) February 27, 2024
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
This analysis is based on various technical indicators, including moving averages and the Relative Strength Index (RSI). The RSI is currently at 79.0, indicating that Bitcoin may be on the verge of a corrective phase.
Recent price movements of Bitcoin indicate a sustained bull run, which has been ongoing since 2023. The price recently reached a new yearly high of $57,000 and increased by nearly 5% in the last few days. This rally suggests that buyer interest remains strong.
The analyst also mentioned that he will soon use "laser eyes" in his profile picture again, a humorous reference to a meme that became popular in 2021, signaling bullish sentiments in the market. However, he warned that excessive use of this indicator could signal an overheated market in need of correction.
