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8 months ago
9
ARTICLE AD BOX
Veteran trader Peter Brandt has provided an update on his BTC price prediction. He explained that the price target for “the current bull market cycle” scheduled to end in Aug/Sep next year has been raised from $120,000 to $200,000.
Peter Brandt on Bitcoin Bull Market Cycle
Peter Brandt provided an update on his BTC price prediction as the price of BTC hit $57,000 and nine spot BTC exchange-traded funds (ETFs) broke their all-time trading volume record on Monday. Referencing his chart below, Brandt wrote on social media platform X:
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 … A close below last week’s low will nullify this interpretation.
BTC chart shared by Peter Brandt. Source: Peter Brandt.In January, Brandt highlighted bitcoin’s price pattern that is key to keeping BTC’s bull trend healthy. “It is the Hump…Slump…Pump…Dump that keeps a bull trend healthy,” he wrote.
The veteran trader regularly analyzes BTC’s price, occasionally making bullish statements. On Jan. 18, he wrote on X: “I have a macro bias in bitcoin in a very broad sense — that BTC is a best candidate to be a tremendous store of value against the destruction of fiat.” On Jan. 6, he wrote: “BTC is primary a store-of-value IMO and still has massive opportunities to appreciate. I think everything is junk, including ETH.”
However, Brandt is skeptical about the impact of the Bitcoin halving on the price of BTC. On Dec. 21 last year, he explained on X: “The Bitcoin halving hype is a whole lot of excitement over nothing. Sure, halving hype might temporarily impact price. But the reduction of supply as % of daily volume is the size of a gnat’s ass.” Earlier this month, he warned against trusting the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, emphasizing that he has a long history of not protecting investors.
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