Seasoned trader Peter Brandt believes that Bitcoin (BTC) may have entered the most explosive phase of the market cycle after reclaiming the $70,000 range Tuesday.
Brandt tells his 745,000 followers on the social media platform X that Bitcoin has suddenly broken through a bearish pattern of lower high and lower low prices on the weekly timeframe as well as the upper bound of an inverted expanding triangle.
He suggests that Bitcoin may have started the parabolic phase of the market cycle that has historically occurred every four years after the halving event, when miners’ rewards are cut in half.
“The five-month inverted expanding triangle has now been completed. Follow through will be important. The post-halving advance may have begun. The series of lower highs and lower lows since March has come to an end.”
He suggests Bitcoin could next soar more than 29% from its current value to print a new all-time high of $94,000.
“There are numerous ways to determine targets. One variable is whether semi-log or linear scale is used. Target of $94,000 is measured move of triangle projected from breakout level on semi-log.”
Brandt also offers two other models that suggest Bitcoin’s cycle peak may be in the six figures.
“A swing target can also be determined by projecting the November 2022 low to March 2024 high upwards from August 2024 low as shown also on log scale. For now I think this is a stretch. My rule is one target at a time.”
Another model Brandt looks at predicts Bitcoin could peak at around $150,000.
“No method of analysis is fool-proof, but it should be noted that the highs of past bull markets line up quite well against an inverted parabolic curve. Should this tendency also continue, the high of this bull market cycle could be in the $130,000 to $150,00 range.”
Bitcoin is trading for $72,376 at time of writing, up 3.6% in the last 24 hours.
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Generated Image: Midjourney
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