The recent performance of Bitcoin has reignited optimism in the crypto market, with even top critics acknowledging the potential for further price uptrends.
Today, Bitcoin briefly reclaimed the $58K price point, hitting an intraday high of $58,041 before encountering resistance. Notably, this impressive rebound comes just four days after reaching a monthly low of $52,598.
From that level to the recently recaptured $58K range, the premier asset has surged by 10.34% in less than a week. This comeback has drawn the attention of Peter Brandt, a veteran technical analyst with nearly five decades of experience.
Peter Brandt Now Bullish Again on Bitcoin, Targets $150K
Brandt shared a chart illustrating Bitcoin’s historical trends, showing how long BTC took to rise from its previous bear market bottom to its all-time high during this ongoing bull run.
Specifically, the chart indicates that Bitcoin spent 73 weeks, or 511 days, to reach an all-time high of $73,734 back in March. It highlighted that a similar duration may be needed before achieving its next peak.
Moreover, Brandt’s chart shows a potential target for Bitcoin around the $150K range. This price target aligns with his previous projections, where he revised his bullish outlook for Bitcoin from $120,000 to $200,000.
It is worth noting that Brandt’s optimistic chart comes just a few weeks after he had consistently issued bearish predictions for Bitcoin.
In one analysis, he forecasted a potential price drop to $48K, claiming Bitcoin might have already reached its peak for this cycle. However, his latest commentary marks a significant shift in outlook.
Factor Supporting the Bullish Outlook
Brandt’s current bullish stance is based on a potential breakout from a classic “Cup and Handle” formation on Bitcoin’s chart. He pointed to this pattern as a strong bullish signal for the leading cryptocurrency.
The “handle” suggests a consolidation phase, and Bitcoin could be poised for a major upward move if it can break through key resistance. Brandt also invited another seasoned analyst, James Roppel, to weigh in on his analysis.
James Roppel, a long-time observer of the Cup and Handle pattern, responded to Brandt’s tweet with enthusiasm, noting that the chart made his “heart race with possibilities.”
While acknowledging the risk of a failed breakout, Roppel remains bullish unless proven otherwise. Accordingly, he identified around $74,000 as a critical price level for Bitcoin Roppel, who is “MAX long” on Bitcoin, cautioned that failure to break through this level could pose a risk.
One market observer commenting on Brandt’s analysis suggested that a successful recapture of the $70K level could propel Bitcoin’s price to $300K.
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.
