There has been movement in the cryptocurrency market over the weekend with Bitcoin (BTC) setting new records and quickly catching the eye of investors globally.
Beyond the Bitcoin space, renowned trader and technical analyst Peter Brandt who won the trust of many traders through his charting techniques of the market has joined the ones who are calling for a major rally.
The Bitcoin price increased by 5.1% from $75,714 to $81,500, a major upswing in the value per Bitcoin in a few days. While this price action is taking place, Brandt has used the analysis to highlight a much rosier future picture for the cryptocurrency.
Bitcoin Primed for a Bullish Reversal
An “inverted head and shoulders pattern” targets a reversal toward bullishness, and in his latest update, Brandt posted the chart below to espouse the case for the BTC price. As Brandt pointed out this pattern from end of 2020 may be indicating a strong up movege.
More importantly, his numbers show that the potential profit can be more than 300% from the lowest value of BTC during the bear market of 2022. If this trend were to continue it would take Bitcoin to an eye watering price target of over $200,000.
This prediction can be well understood by key BTC advocates such as Max Keiser who have over time made several big bold predictions regarding Bitcoin’s potential to go to the next level in a bull run. According to Brandt, it means, to many investors, Brandt’s analysis confirms that the coin’s potential is only headed up.
Hence, it seems that being valued at as much as $200,000 is quite plausible provided that institutional interest is growing, and BTC is continuously becoming a much more firmly entrenched part of the financial industry. While Brandt’s forecast brings joy to some, it also gives a bitter taste about high Bitcoin variability and associated risks.
However, his projections provide a measure of hope and encourage investors to expect perhaps a historic gain moving forward in the months to come. As BTC continues to prove skeptics wrong, the market keeps waiting to see if this $200 000 is the future indeed.
