Peter Brandt Analyzes Bitcoin’s Surge Above $70,000

Experienced trader Peter Brandt believes that Bitcoin ($BTC) may have entered the most explosive phase of its market cycle after surpassing $70,000 on Tuesday.

Market Analysis

Brandt noted on the social media platform X that Bitcoin has broken through a downward trend formed by lower highs and lower lows on the weekly timeframe, along with the upper boundary of an inverse expanding triangle.

“The five-month inverse expanding triangle has completed. Continuity will be crucial. The rise may have begun post-halving.”

Brandt predicts that Bitcoin could be entering the parabolic phase of its four-year market cycle, coinciding with the halving event, where miners’ block rewards are halved.

“Progress may begin after the halving. The sequence of descending highs and lows has ended since March.”

Bitcoin Target

Brandt suggests that Bitcoin could rise over 29% from its current value, reaching a new all-time high of around $94,000. Additionally, he indicated that other models suggest Bitcoin’s peak could reach six figures.

He emphasized that while his analysis methods are not flawless, past bull market peaks have closely followed an inverse parabolic curve. If this trend continues, the peak of the current bull market cycle could be between $130,000 and $150,000.

As of the time of writing, Bitcoin is trading at $72,000, having experienced a 1.6% decline in the last 24 hours. The price, which has risen close to its all-time high, continues to battle to maintain $71,500 as support, keeping hope alive among traders.

In conclusion, Peter Brandt’s analyses suggest that Bitcoin may experience significant gains in the near future. It could be beneficial for traders to be aware of this potential volatility.