Veteran trader Peter Brandt is raising his price target for Bitcoin (BTC) this cycle after the crypto king broke out of a massively bullish pattern.
The veteran trader tells his 717,300 followers on social media platform graphic.
But Brandt emphasizes that his large price target for BTC will be voided if Bitcoin starts trading below $50,500.
“With the momentum above the upper limit of the 15-month channel, the target for the current bull market cycle, which will end in August/September 2025, is increased from $120,000 to $200,000. BTC.
A close below last week’s low will negate this interpretation.”
Looking at Brandt’s chart, the trader seems to suggest that BTC has hit two major resistance levels in the past week.
The trader too warning against the use of ‘laser eyes’ on social media platforms as Bitcoin continues to soar higher. 2021 saw the birth of the laser-eye trend, with members of the crypto community using laser eyes on their social media profile pictures to cheer Bitcoin’s rise to $100,000. At the time, Brandt said the move marked Bitcoin’s top as it indicated over-exuberance among BTC holders.
Says Brandt,
“As in 2021, I will use laser eyes on ‘X’ as a counter indicator. So folks, if you want Bitcoin to stay in a strong trend, don’t adopt laser eyes on your social media photo. Too many laser eyes will be the KOD (kiss of death).”
At the time of writing, BTC is worth $56,849, up more than 3% in the past 24 hours.
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Generated image: DALLE3