Peter Brandt tweeted that the forecast for the future price jump of Bitcoin has changed upward due to the BTC price breakout above $57,000. The breakthrough took the flagship cryptocurrency beyond the 15-month channel.
Bitcoin Update
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. $BTC
A close below last week's low will nullify this interpretation pic.twitter.com/19ZXpAQW0v— Peter Brandt (@PeterLBrandt) February 27, 2024
Peter Brandt bases his optimistic forecast for September next year around the upcoming Bitcoin halving, as well as the imbalance in market demand and supply of BTC. The businessman also relies on the conclusions of other experts who expect upward dynamics in the digital asset market in the medium term.
Events surrounding the upcoming halving have led the market into a speculative overexcitement and created favorable conditions for aggressive, near-vertical price rallies similar to those observed after previous halvings.
The day before, the information and analytical portal CoinMarketCap provided data that on Monday, February 26, the market capitalization of the first cryptocurrency reached $1.046 trillion – for the first time since December 2021.