Legendary Trader Peter Brandt Says Post-Halving Advance for Bitcoin Could Kick Off After BTC Breaks $70,000
Seasoned trader Peter Brandt believes that Bitcoin ( BTC ) may have entered the most explosive phase of the market cycle after reclaiming the $70,000 range Tuesday.
Brandt tells his 745,000 followers on the social media platform X that Bitcoin has suddenly broken through a bearish pattern of lower high and lower low prices on the weekly timeframe as well as the upper bound of an inverted expanding triangle.
He suggests that Bitcoin may have started the parabolic phase of the market cycle that has historically occurred every four years after the halving event, when miners’ rewards are cut in half.
“The five-month inverted expanding triangle has now been completed. Follow through will be important. The post-halving advance may have begun. The series of lower highs and lower lows since March has come to an end.”
Source: Peter Brandt/X
He suggests Bitcoin could next soar more than 29% from its current value to print a new all-time high of $94,000.
“There are numerous ways to determine targets. One variable is whether semi-log or linear scale is used. Target of $94,000 is measured move of triangle projected from breakout level on semi-log.”
Source: Peter Brandt/X
Brandt also offers two other models that suggest Bitcoin’s cycle peak may be in the six figures.
“A swing target can also be determined by projecting the November 2022 low to March 2024 high upwards from August 2024 low as shown also on log scale. For now I think this is a stretch. My rule is one target at a time.”
Source: Peter Brandt/X
Another model Brandt looks at predicts Bitcoin could peak at around $150,000.
“No method of analysis is fool-proof, but it should be noted that the highs of past bull markets line up quite well against an inverted parabolic curve. Should this tendency also continue, the high of this bull market cycle could be in the $130,000 to $150,00 range.”
Source: Peter Brandt/X
Bitcoin is trading for $72,376 at time of writing, up 3.6% in the last 24 hours.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X , Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
After bitcoin returns to $90,000, is Christmas or a Christmas crash coming next?
This Thanksgiving, we are grateful for bitcoin returning to $90,000.
Bitcoin security reaches a historic high, but miner revenue drops to a historic low. Where will mining companies find new sources of income?
The current paradox of the Bitcoin network is particularly striking: while the protocol layer has never been more secure due to high hash power, the underlying mining industry is facing pressure from capital liquidation and consolidation.
What are the privacy messaging apps Session and SimpleX donated by Vitalik?
Why did Vitalik take action? From content encryption to metadata privacy.
The covert war escalates: Hyperliquid faces a "kamikaze" attack, but the real battle may have just begun
The attacker incurred a loss of 3 million in a "suicidal" attack, but may have achieved breakeven through external hedging. This appears more like a low-cost "stress test" targeting the protocol's defensive capabilities.
Trending news
MoreCrypto prices
More
