Bitcoin has seen a significant recovery lately, reaching over $71,000 this morning, which has caught the attention of market veteran Peter Brandt. He has identified three bullish BTC targets, following the cryptocurrency’s growth to a 4-month high of $71,500 this morning. The breach of the $71,000 mark is the result of three consecutive intraday gains since October 26, and BTC is aiming to secure a fourth one today.
The rally of the premier crypto asset has sparked renewed optimism in the market, especially with the approaching U.S. presidential election and a surge in market confidence demonstrated by whale addresses.
In the midst of this surge, Peter Brandt has shared three potential bullish price targets for Bitcoin. Each target is based on a different analytical approach, providing alternative outlooks for Bitcoin’s possible upward trajectory.
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. He had previously identified this structure as a bearish formation and stated that BTC needed to breach the $69,985 resistance to invalidate the structure. The breakout above this level suggests a continuation of Bitcoin’s bullish trend, with the projected move to $94,000 based on the triangle’s height, applied to the breakout point.
Brandt’s second chart presents a target of $230,000, calculated by projecting the upward swing from the November 2022 low to the March 2024 high, applied from the August 2024 low. However, Brandt noted that this target might be ambitious, as he prefers to focus on one target at a time. The projection aligns with the idea that Bitcoin’s price movements often mimic previous cycles, especially after market-defining events like halvings.
The third chart dates back to June and presents a $160,000 target based on Bitcoin’s cycle symmetry. Brandt pointed out 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 conclusion, the $94,000 target presents a near-term bullish outlook, the $230,000 target shows the possibility of growth based on historical swing projections, and the $160,000 target aligns with Bitcoin’s past performance post-halving.
It’s important to note that this content is for informational purposes 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, as The Crypto Basic is not responsible for any financial losses.
