Following the recent recovery that saw Bitcoin surpass $71,000 this morning, market veteran Peter Brandt has called attention to three bullish BTC targets.
For context, Bitcoin has compounded its growth, having reached a 4-month high of $71,500 earlier this morning. The breach of the $71,000 mark comes on the back of three consecutive intraday gains since October 26. BTC is looking to secure a fourth one today.
The premier crypto asset’s rally has triggered a renewal of optimism within the market, especially considering the approaching U.S. presidential election and a surge in market confidence demonstrated by whale addresses.
Notably, amid the latest upsurge, Peter Brandt took to X to share three potential bullish price targets for Bitcoin. The market veteran based each target on a different analytical approach, presenting alternative outlooks for Bitcoin’s possible upward trajectory.
Bitcoin Targets $94,000 on Triangle Breakout
In the first chart, Brandt discussed a measured move target of $94,000 derived from an inverted expanding triangle pattern on a semi-log scale. The market analyst had discussed this structure in previous analyses, identifying it as a bearish formation.
BTC needed to breach the $69,985 resistance to invalidate the structure. Currently, the asset has broken above this level. This breakout is important, as it suggests a continuation of Bitcoin’s bullish trend.
Brandt calculated the projected move to $94,000 based on the triangle’s height, applied to the breakout point. If Bitcoin holds above $70,000, this could act as a new support, with traders potentially aiming for the $94,000 mark in anticipation of more upward momentum.
Bitcoin Targets $230,000 on Logarithmic Projection
Brandt’s second chart is more ambitious, presenting a target of $230,000. He calculated this target by projecting the upward swing from the November 2022 low to the March 2024 high, applied from the August 2024 low.
However, Brandt suggested that this target might be an ambitious one, noting that he looks to favor one target at a time. The projection syncs with the idea that Bitcoin’s price movements often mimic previous cycles, especially in the wake of market-defining events like halvings.
$160,000 Target Based on Cycle Symmetry
The third chart dates back to June and presents a $160,000 target based on Bitcoin’s cycle symmetry. Brandt called attention to the “beautiful symmetry” of Bitcoin’s past bull market cycles, using the timing of previous peaks and halvings as a foundation for his analysis.
Each halving cycle has resulted in a new all-time high 490 to 550 days afterward, and this projection is in sync with that timing.
In the chart, the $160,000 target is marked along a long-term trendline that extends through Bitcoin’s prior highs. This trendline acts as an overarching guide for Bitcoin’s macro trajectory, suggesting that $160,000 could be a reasonable peak within the current cycle.
Essentially, the $94,000 target presents a near-term bullish outlook. The $230,000 target shows the possibility of growth based on historical swing projections. Meanwhile, the $160,000 target syncs with Bitcoin’s past performance post-halving.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
