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Popular trader Peter Brandt has adjusted his forecast for Bitcoin’s peak in the ongoing bull market. The commodity and foreign exchange trader for over thirty years now has predicted that the leading crypto asset will hit $200,000, a significant increase from the earlier projection of $120,000.
Brandt anticipates that the ongoing bullish cycle is poised to end around August or September 2025.
New Peak Target of $200,000 by 2025
The upward revision comes as Bitcoin surged above the upper boundary of a 15-month channel, signaling a bullish momentum.
In his latest tweet, Brandt highlighted the breakout – which occurred as Bitcoin surpassed $55,000 before subsequently climbing above $57,000 – as it breached the trendlines connecting lows from November 2022 and September 2023 and highs from April 2023 and January 2024.
Bitcoin Update
With the thrust above the upper boundary of the 15-month channel, the target for the current bull market cycle scheduled to end in Aug/Sep 2025 is being raised from $120,000 to $200,000. $BTC
A close below last week’s low will nullify this interpretation pic.twitter.com/19ZXpAQW0v— Peter Brandt (@PeterLBrandt) February 27, 2024
The veteran analyst said that as long as Bitcoin maintains levels above $50,500, the bullish outlook remains intact, with the current cycle expected to conclude in August or September 2025.
Resistance of $68K Ahead
Recent data reveals that the average buying price for all cohorts that entered during the last cycle’s bullish surge has surpassed previous levels. Particularly noteworthy are the 2-3 year holders, whose average acquisition price stands at $48.9K, representing the highest percentage share of the Realized Cap at 23.8%.
Bitcoin investors who started their holdings during the prior cycle’s bullish phase predominantly fall within the 2-3 year holding bracket, with their mean purchase price ranking highest among all groups. According to a CryptoQuant analyst, this may have served as a formidable price barrier.
However, with Bitcoin prices rallying significantly above the $55,000 level, the only potential resistance level moving forward appears to be the previous cycle’s peak of $68,000.
This article first appeared at CryptoPotato
