Bitcoin (BTC) is moving incredibly fast, even hitting $58,000 on some exchanges today. With this unprecedented rise, BTC price expectations are being adjusted left and right for this bull run. This is also the case with well-known investor Peter Brandt. While he initially expected a high of $120,000, he now expects the Bitcoin price to rise significantly higher.
Bitcoin to $200,000
Brandt’s new price target for Bitcoin is now $200,000 per BTC. He reports this via
“With the rise above the 15-month price channel, the target for the bull cycle ending in August/September 2025 was raised from $120,000 to $200,000.”
Bitcoin update
With the push above the upper limit of the 15-month channel, the target for the current bull market cycle, which is scheduled to end in August/September 2025, is raised from $120,000 to $200,000. $BTC
A close below last week’s low will negate this interpretation pic.twitter.com/19ZXpAQW0v— Peter Brandt (@PeterLBrandt) February 27, 2024
According to Brandt, he indicates that he will maintain this position as long as Bitcoin price remains above last week’s lows. This level is around $50,500.
Is the optimism justified?
All in all, the market hasn’t been like this for a long time bullish been. However, this is not a guarantee of a price increase. Optimism and greed are always at their highest during peak times. Just think of the peak in November 2021. The Bitcoin price was at $69,000 at the time, but everyone was demanding higher prices.
Therefore, caution is advised at all times. Nevertheless, there is reason for optimism today. One of these reasons is the upcoming Bitcoin halving. In a month and a half, rewards for Bitcoin miners will halve. Historically, the halving triggers the Bitcoin bull run. However, based on the last few weeks, we can say that BTC price seems to be ahead of schedule.
This price strength appears to be linked to the immense demand that US Bitcoin ETFs have generated. Demand for BTC from ETFs is expected to continue quietly after the halving.
