Renowned trader Peter Brandt suggests that Bitcoin ($BTC) may have entered a highly dynamic phase in its market cycle following its recent rise above $70,000 on Tuesday. This increase has sparked renewed interest and optimism among traders and enthusiasts.
What Does Market Analysis Indicate?
Brandt shared his insights on X, highlighting that Bitcoin has broken free from a downward trend characterized by lower highs and lower lows on the weekly chart. He further noted the completion of an inverse expanding triangle pattern.
“The five-month inverse expanding triangle has completed. Continuity will be crucial. The rise may have begun post-halving.”
Could Bitcoin Reach New Heights?
According to Brandt, Bitcoin might be on the brink of a parabolic phase aligned with the upcoming halving event, which reduces miners’ block rewards. He sees this as a potential turning point for Bitcoin’s value trajectory.
Brandt forecasts a possible 29% increase for Bitcoin, aiming for a peak around $94,000. He notes that alternative models hint at the potential for Bitcoin to reach six figures, estimating that the bull market cycle could peak between $130,000 and $150,000.
- Current Bitcoin trading at around $72,000 with a slight decline of 1.6% in the last day.
- The critical support level appears to be $71,500.
- Market activity could intensify post-halving, following Brandt’s predictions.
Brandt’s analysis highlights the potential for considerable gains in Bitcoin’s market, suggesting that traders should stay alert to the possibilities of volatility in the near term.