Following the recent Bitcoin surge to $56,000, experienced trader Peter Brandt has extended the potential top for the cryptocurrency in the current market cycle.
Bitcoin has maintained its impressive start to the year, surging above $56,000 in the past 24 hours. The sudden price uptick began at around $50,900 and has maintained a northward direction, with little to no retracements along the line.
Amid the latest price action, legendary trader Peter Brandt has updated his prediction for Bitcoin in the current market cycle.
According to Brandt, who has been a professional commodity and foreign currency trader for over 30 years, BTC could now go as high as $200,000 within this current market cycle.
As Brandt identified, Bitcoin’s recent surge means it has now broken out of a 15-month channel. This breakout defies earlier predictions, forcing Brandt to update his former forecast that Bitcoin will only go as high as $120,000 this cycle.
However, he adds a caveat. The latest interpretation could be nullified if Bitcoin closes the current week below last week’s low of around $50,500. The leading cryptocurrency is currently around $56,250 going into the U.S. trading hours, making such a drop increasingly unlikely.
Bitcoin Update
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— Peter Brandt (@PeterLBrandt) February 27, 2024
Market Cycle Predicted to End in August/September 2025
Peter Brandt’s prediction also includes an allusion that the current Bitcoin market cycle could reach its top in the third-quarter of 2025. Historically, Bitcoin has had four-year cycles induced by halving events that reduce the number of freshly issued coins by 50%.Â
The next halving, on track for April 2024, is set to lower the bitcoin miners’ reward from 6.25 BTC to 3.125 BTC. The market consensus is that the halving, as well as the recent launch of Bitcoin ETFs in the U.S., will propel Bitcoin to new highs.
As it stands, Bitcoin is only 18% away from its all-time high of $68,789 in 2021. A continued uptrend such as the one in recent weeks could see BTC break a new record of breaching its previous all-time high before its next halving.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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