Veteran analyst Peter Brandt raised the bull run target for Bitcoin from $120,000 to $200,000 after the digital asset reached a new high last seen in November 2021. In a tweet on Tuesday, the analyst stated that the 8% Bitcoin rally since yesterday meant it broke above the upper boundary of the 15-month price channel, changing the price expectation of the asset.
Brandt alleged that the early thrust through the channel had moved the price expectation of Bitcoin in August or September 2025 to $200,000. However, he noted that the largest crypto asset in the world would have to hold its cool and close above last week’s lows, or it would nullify the new price expectation.
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
More Parabolic Expansion
The 15-month channel is a trendline connecting November 2022 and September 2023 lows with April 2023 and January 2024 highs. Brandt sees the bullish break and other macroeconomics pushing Bitcoin above $200k by late 2025.
Although the price prediction dwarfs Michael Saylor’s $5 million call, it comes close to most other analysts’ bull-run expectations. These analysts have based their bullish sentiments on the increasing inflow into Bitcoin from exchange-traded fund (ETF) products in the US and the upcoming halving in April.
No Laser Eye: Brandt
The veteran analyst, however, advised bullish enthusiasts against using laser eye pictures on X. According to him, they meant a contrary indicator showing retail is fully into the market, which usually marks the market top.
“Just as I did in 2021, I will use laser eyes on “X” as a contrary indicator. So, people, if you want Bitcoin to remain in a strong trend, please do not adopt laser eyes on your social media pictures. Too many laser eyes will be the KOD,” Brandt stated.
