Peter Brandt Raises Bitcoin Forecast to $200,000

Following a breakthrough past the $56,000 mark, technical analyst and head of Factor LLC, Peter Brandt, has revised his forecast for the leading cryptocurrency in 2025 from $120,000 to $200,000.

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

The expert raised the bar as Bitcoin surpassed the upper resistance boundary of a 15-month channel. This is marked on the chart by trend lines connecting the lows of November 2022 and September 2023, as well as the highs of April 2023 and January 2024.

According to Brandt, the current bull cycle will conclude in August-September 2025. By then, the price of digital gold is expected to reach the stated target.

The analyst’s forecast suggests a rise of more than 250% from current levels and 190% from the historical peak.

“As in 2021, I will use laser eyes on X as a counter-indicator. So, folks, if you want Bitcoin to maintain a strong trend, please do not post laser eyes on your social media photos. Too many laser eyes is a signal to sell,” added Brandt.

A technical analyst known as Ali noted that the market has entered the “hope” phase in the psychology of a bull cycle.

The #crypto market appears to have entered the “hope” phase in the psychology of a market cycle! Take any correction as an opportunity to buy the $BTC dip. pic.twitter.com/bLAcgYWfe8

— Ali (@ali_charts) February 26, 2024

“Take any correction as an opportunity to buy Bitcoin on the dip,” he added.

Founder of MN Trading, Michaël van de Poppe, pointed out that Bitcoin is just 20% away from its all-time high, with the halving event only 55 days away.

#Bitcoin being less than 20% away from its all-time high 55 days before its halving.

It’s an epic run, already.

— Michaël van de Poppe (@CryptoMichNL) February 27, 2024

A trader known as DonAlt noted the “crazy bullish sentiment” around Bitcoin. However, he believes there are risks of a trend reversal if the asset fails to hold the $52,000 level.

$BTC update:

Still a good chart, still a good coin
Almost back to ATH, kind of crazy

Bullish unless $52k is lost is the play now IMO making any entry taken on the first post a free open-ended ride pic.twitter.com/jZWCYW91kY

— DonAlt (@CryptoDonAlt) February 27, 2024

At the time of writing, digital gold is trading at $56,400, having gained 10% in the past 24 hours.

Earlier, Pantera Capital predicted Bitcoin could rise to $147,000 in 2025, based on previous cycles.

In February, Lucas Outumuro, head of research at IntoTheBlock, identified five catalysts for Bitcoin’s rise above $70,000.