LIVEPeter Brandt Raises Bitcoin Price Target to $200,000 for the Current Bull Market Cycle
Seasoned trader Peter Brandt has updated his bitcoin forecast, now anticipating a surge to $200,000 during the present bull market cycle, concluding around August or September of the following year. This is a significant increase from his previous estimate of $120,000.
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"
Back in January, Brandt pointed out a specific price pattern for bitcoin which he believes maintains the vitality of its bullish trend, describing it as a sequence of "Hump...Slump...Pump...Dump."
Brandt frequently offers analyses of bitcoin's market performance, often expressing optimistic viewpoints. For instance, on January 18th, he conveyed a broad macro support for bitcoin, noting it as a top contender for a valuable hedge against fiat currency devaluation.
As of January 6th, he considered bitcoin chiefly as a value reserve with substantial growth potential, while referring to other assets, including Ethereum (ETH), as inferior in comparison.
Nonetheless, Brandt holds a critical stance on the notion that Bitcoin halving events significantly affect the cryptocurrency's value, likening the impact on daily trading volume to something extremely minor on December 21st of the previous year.
Additionally, he has cautioned against placing trust in SEC Chairman Gary Gensler earlier this month, citing a track record of insufficient investor protection.
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