Veteran Trader Peter Brandt Raises Bitcoin Price Target to $200,000
Veteran trader Peter Brandt is raising his target price for Bitcoin (BTC) this cycle after the crypto king broke out of a massive bullish pattern. According to Brandt, Bitcoin is now in a position to surge over 250% from current levels by Q3 2025 following a breakout from an ascending channel on the three-day chart. However, Brandt cautions that his big price target for BTC will be invalidated if Bitcoin starts to trade below $50,500.
Bitcoin’s Bullish Breakout
Looking at Brandt’s chart, it appears that BTC has taken out two key resistance levels in just the past week. This breakout has prompted Brandt to raise his target for the current bull market cycle from $120,000 to $200,000. However, he notes that if Bitcoin falls below last week’s low, this interpretation will be nullified.
Warning Against “Laser Eyes”
In addition to discussing Bitcoin’s price potential, Brandt also warns against the use of “laser eyes” on social media platforms. The laser-eye trend emerged in 2021, with members of the crypto community using laser eyes on their profile photos to show support for Bitcoin’s rise to $100,000. However, Brandt believes that this trend indicates over-exuberance among BTC holders and could mark a top for the cryptocurrency. He advises people not to adopt laser eyes on their social media pictures if they want Bitcoin to remain in a strong trend.
Bitcoin Price Update
At the time of writing, Bitcoin is valued at $56,849, representing a 3% increase in the last 24 hours.
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The post Bitcoin Breakout Could Send BTC to Massive Price Target, Says Legendary Trader Peter Brandt – But There’s a Catch appeared first on The Daily Hodl.
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