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Chart Expert Peter Brandt Raises Bitcoin's 2025 Target to $200K on Channel Breakout
Brandt expects bitcoin's ongoing bull market to peak at $200,000, a significant upward revision from the previous estimate of $120,000.
Updated Feb 27, 2024, 8:05 p.m. Published Feb 27, 2024, 7:10 a.m.
- Veteran analyst and CEO of Factor LLC, Peter Brandt, foresees bitcoin rallying as high as $200,000 by September 2025.
- Other studies, including those based on previous halving cycles and technical analysis indicators like the Bollinger bandwidth, suggest near-vertical price rallies ahead.
Peter Brandt, an analyst with over four decades of experience tracking markets, expects the ongoing bitcoin bull market to peak at $200,000, a significant upward revision from the initial estimate of $120,000.
“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,” Brandt said on social media X.
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Bitcoin rose past $55,000 on Monday, breaking out of the 15-month channel, identified by trendlines connecting November 2022 and September lows and April 2023 and Jan 2024 highs. Per Brandt, the bullish view will remain valid while prices exceed the past week’s low of around $50,500.
Several other studies suggest a steep bull run ahead, including those based on previous halving cycles and technical analysis indicators like the Bollinger bandwidth.
The consensus is that halving could continue to drive inflows into the U.S.-based spot BTC ETFs, sending prices at least into six figures over the next 12 months. Bitcoin’s reward halving, a quadrennial event due in April, will lower the rate at which coins are generated to 3.125 BTC from 6.25 BTC.
Brandt’s bullish post on X has some market participants toying with the idea of updating their profile pictures with “laser eyes” – a viral X meme that bitcoin holders used during the bull market of 2021 to suggest a perpetual market rally.
According to Brandt, the return of the laser eyes would be a contrary indicator, signaling retail investor mania, often observed at market tops.
“Just as I did in 2021, I will use laser eyes on ‘X’ as a contrary indicator. So, people, if you want bitcoin to remain in a strong trend please do not adopt laser eyes on your social media picture. Too many laser eyes will be the KOD,” Brandt warned.
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