dailyhodl.com
30 April 2024 08:14, UTC
Seasoned trader Peter Brandt believes there’s a one in four chance that Bitcoin ($BTC) will top out at $160,000 this cycle.
Brandt tells his 724,700 followers on the social media platform X that he expects the current Bitcoin bull market to endure until Q4 of 2025.
“Note that I assigned a 25% probability to my analysis. I give more credence to a report I issued in February. Here is a chart from that analysis – projecting a bull market until Sep/Oct 2025.”
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Based on the trader’s chart, he seems to suggest that it took $BTC 525 days from its November 2022 bottom at around $16,000 to breach $50,000. Using that number, Brandt says Bitcoin has 525 days from the $50,000 breakout to reach its $160,000 peak.
The $160,000 Bitcoin price target appears to be a conservative projection. In February, the veteran trader predicted that Bitcoin would rally to as high as $200,000 by September 2025. He says the prediction remains valid as long as Bitcoin stays above $50,000.
At time of writing, $BTC is worth $63,776.
Regardless of where Bitcoin crescendoes, Brandt highlights that we are likely well past the early days of the $BTC bull market.
“My money is still placed on a scenario whereby the halving was the halfway point within the bull cycle, but I want to make sure always that caution and risk management play key roles.”
The trader also reveals that he has been holding on to a $BTC stack for about eight years.
“Some Bitcoin since 2016. Physical Gold for 40 years.”
Generated Image: Midjourney
