Renowned chartist and seasoned trader Peter Brandt has reiterated his optimistic view on bitcoin. “My bet is that this is a’starting’ candle,” said Brandt, pointing to “huge monthly bars” on his bitcoin price chart, after increasing his goal price for bitcoin during this bull market cycle to $200K.
The Bitcoin Bull Run Prediction of Peter Brandt
With his bullish view, seasoned trader Peter Brandt, renowned for his proficiency in technical analysis, has rekindled hope in the bitcoin market. After making headlines recently for raising the price target for bitcoin from $120,000 to $200,000 in “the current bull market cycle,” Brandt has now released another graphic that shows the beginning of a bull market in the cryptocurrency.
Brandt posted the following bitcoin price chart on X Friday.
Keep in mind that large monthly bars are typically “starting,” “take-off,” or “ending,” or “blow-off,” candles. This is a “starting” candle, I’ll wager. After 2020, take note of the bars. For instance, October 2021 was a blow-off candle.
Peter Brandt published a price chart for bitcoin. Peter Brandt is the source.
Several on X concurred with Brandt. Caleb Franzen, a chartist, shared his interpretation of the 3-year Williams%R signal on the bitcoin price. He penned:
A great deal of synchronicity suggests that the current bull market is still in its early phases.
Brandt frequently studies the price of bitcoin and occasionally expresses optimism. He emphasized the price pattern of bitcoin in January, which is essential to maintaining the currency’s bull trend. “A bull trend is maintained in good shape by the Hump, Slump, Pump, and Dump,” he stated. In addition, he recently expressed the following opinion on X: “I have a macro bias in bitcoin in a very broad sense—that BTC is a best candidate to be a tremendous store of value against the destruction of fiat.” He went on to say, “In my opinion, Bitcoin is primarily a store of value and still has a lot of room to grow. Everything, even ETH, seems like garbage to me.
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