Peter Brandt, who is closely followed by investors with his 50 years of experience and analysis, evaluated the recent rise in Bitcoin (BTC).
Brandt stated that the 5-month inverse expanding triangle has now been completed after Bitcoin exceeded $ 71,000 after its last rise, and that Bitcoin's post-halving rise may have begun.
“The 5-month inverse expanding triangle is now complete.
But it will be important to be continuous.
The expected rise after the halving may have begun.
The series of lower highs and lower lows since March has ended.”
Brandt, who expects Bitcoin to rise, recently said that Bitcoin is on the verge of a historic breakout. The analyst said that he expects the next bull market cycle peak in Bitcoin to occur in late August/early September 2025 and that the peak could be between $130,000 and $150,000.
B I T C O I N $BTC
The 5-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 pic.twitter.com/lth9fLv0yt— Peter Brandt (@PeterLBrandt) October 29, 2024
He Gave 3 Different Targets for Bitcoin!
Peter Brandt also shared three possible bullish price targets for Bitcoin from his account X. Brandt based his prediction on a semi-logarithmic inverse expanding triangle pattern, setting $94,000 as the first target.
The analyst’s second chart is more ambitious, offering a target of $230,000. Brandt noted that he calculated this target by applying the upward swing from the November 2022 low to the March 2024 high, followed by the August 2024 low. However, Brandt noted that this target may be ambitious.
Peter Brandt set a final target of $160,000, which he based on Bitcoin’s historical bull market cycle data using timelines of previous peaks and halvings.
B I T C O I N $BTC
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
⬇️ 🧵 1/3 pic.twitter.com/VI0n7OAvia— Peter Brandt (@PeterLBrandt) October 29, 2024
*This is not investment advice.
