Veteran Trader Peter Brandt Raises Bitcoin Price Target to $200,000 Following Bullish Breakout

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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February 27, 2024

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Renowned commodities trader and chart analyst Peter Brandt has revised his September 2025 Bitcoin (BTC) price target, increasing it from $120,000 to $200,000. This adjustment comes after the cryptocurrency’s recent breakout, which yielded gains of approximately 10% and propelled Bitcoin beyond a 15-month channel.Brandt, CEO of Factor LLC, believes that Bitcoin’s upward move above the top of a multi-month channel signifies a significant technical breakout, indicating the potential for further upside within the specified timeframe, he said in a recent post on X. He estimates the current bull cycle will likely conclude by August or September 2025.

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

Analysts Optimistic About Bitcoin Price Movement

Brandt’s optimistic forecast aligns with other projections that anticipate higher Bitcoin prices in the coming years. Various studies highlight the exponential growth potential driven by the supply-constraining effect of Bitcoin’s quadrennial reward halving events. Bloomberg analysts even predict that Bitcoin exchange-traded funds (ETFs) will surpass Gold ETFs in terms of assets under management within the next two years. Additionally, earlier predictions from Rekt Capital indicated that the ongoing Bitcoin rally would continue into February.Bitcoin’s upcoming halving in April will reduce the block reward received by miners from 6.25 bitcoins to 3.125 bitcoins per validated block. With growing demand and a tightening supply, analysts argue that conditions are favorable for aggressive, near-vertical rallies similar to those observed after previous halvings.Moreover, historical trends suggest that Bitcoin could reach levels comparable to previous cycle peaks, further supporting the bullish case. However, Brandt cautions against overzealous enthusiasm among Bitcoin investors, warning against the use of “laser eyes” profile photos on social media. He views this trend as a “contrary indicator” that may have adverse effects on the current upward momentum.

Please don't. I will use laser eyes as a counter indicator.

— Peter Brandt (@PeterLBrandt) February 27, 2024

Bitcoin Price Reaches Highest Level in Two Years

On Monday, Bitcoin hit its highest point in over two years, reaching $57,000. The cryptocurrency rose 9% to briefly touch the $57,000 milestone, its first time since November 2021, before dropping back down to around $56,500 levels.Furthermore, Bitcoin’s market capitalization has surpassed $1.1 trillion once again. Over the past 30 days, the asset has experienced an impressive 34% increase and currently stands just 18.5% below its all-time high of $69,000.As reported, Fidelity’s Director of Global Macro, Jurrien Timmer, has suggested that the Bitcoin market cap has the potential to reach a quarter of the “monetary gold” market, hitting an impressive $6 trillion. Jurrien Timmer’s forecast is based on the assumption that Bitcoin will solidify its position as digital gold and a reliable store of value.The analysis draws a parallel between the portion of gold held for monetary purposes, estimated at 40% of the world’s above-ground gold, and the potential market value of Bitcoin. Timmer noted that the monetary gold, excluding jewelry or industrial uses, is currently valued at around $6 trillion, with central banks and private investors holding this significant share. The Fidelity Director argued that Bitcoin could capture a substantial slice of this market, leveraging its current valuation of $1 trillion as a foundation for further growth and rising Bitcoin price targets.