In the wake of Bitcoin’s recent surge past $71,000, market expert Peter Brandt has highlighted three bullish targets for the cryptocurrency.
Bitcoin has continued its impressive growth, reaching a four-month high of $71,500 earlier today. This breakthrough comes after three consecutive days of gains since October 26, and Bitcoin is on track for a fourth one today.
The rally of the premier cryptocurrency has sparked renewed optimism in the market, particularly with the upcoming U.S. presidential election and the increased confidence shown by whale addresses.
Notably, Peter Brandt took to X to share three potential bullish price targets for Bitcoin. Each target is based on a different analytical approach, offering alternative perspectives on Bitcoin’s potential upward trajectory.
Target 1: $94,000 on Triangle Breakout
Brandt discussed a measured move target of $94,000 based on an inverted expanding triangle pattern on a semi-log scale. Although previously identified as a bearish formation, the recent breakout above the $69,985 resistance suggests a continuation of Bitcoin’s bullish trend. If Bitcoin maintains its position above $70,000, this level could serve as a new support, with traders potentially aiming for the $94,000 mark to capitalize on further upward momentum.
Target 2: $230,000 on Logarithmic Projection
Brandt’s second chart presents a more ambitious target of $230,000. This projection is based on the upward swing from the November 2022 low to the March 2024 high, applied from the August 2024 low. However, Brandt acknowledges that this target may be ambitious and prefers to focus on one target at a time. This projection aligns with the idea that Bitcoin’s price movements often follow previous cycles, particularly after significant events like halvings.
Target 3: $160,000 Based on Cycle Symmetry
The third chart, dating back to June, presents a target of $160,000 based on Bitcoin’s cycle symmetry. Brandt highlights the “beautiful symmetry” of Bitcoin’s past bull market cycles, using the timing of previous peaks and halvings as a basis for analysis. Each halving cycle has resulted in a new all-time high approximately 490 to 550 days later, and the $160,000 target aligns with this timing. This target is marked along a long-term trendline that extends through Bitcoin’s previous highs, suggesting it could be a reasonable peak within the current cycle.
It’s important to note that the $94,000 target offers a short-term optimistic outlook, while the $230,000 target indicates potential long-term growth based on historical swing projections. The $160,000 target aligns with Bitcoin’s previous performance after halvings.
Disclaimer: This article provides information and should not be considered financial advice. The views expressed are the author’s opinions and do not reflect those of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not liable for any financial losses incurred.
