Peter Brandt, a seasoned analyst with over four decades of market tracking experience, has revised his prediction for the ongoing bitcoin (BTC) bull market, anticipating it to peak at $200,000. This upward adjustment marks a significant increase from the initial forecast of $120,000.
Brandt shared his updated outlook on social media X, noting, “With the breakout 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.”
Bitcoin surged above $55,000 on Monday, breaking out of the 15-month channel identified by trendlines connecting November 2022 and September lows, along with April 2023 and January 2024 highs. Brandt maintains that the bullish scenario remains valid as long as prices stay above last week’s low of approximately $50,500.
Various analyses, including those based on past halving cycles and technical indicators like the Bollinger bandwidth, also indicate a steep upward trajectory for bitcoin.
The consensus among experts suggests that the upcoming halving could drive increased inflows into U.S.-based spot BTC ETFs, potentially propelling prices into six figures within the next 12 months. Bitcoin’s reward halving, a quadrennial event expected in April, will halve the rate of coin generation from 6.25 BTC to 3.125 BTC.
Brandt’s bullish assessment on social media X has sparked discussion among market participants, with some considering updating their profile pictures with “laser eyes” – a viral meme associated with bitcoin holders during the 2021 bull market, symbolizing continuous market optimism.
However, Brandt cautions against this trend, suggesting that an abundance of laser eyes could serve as a contrary indicator, signaling excessive retail investor enthusiasm typically observed at market peaks.
“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 refrain from adopting laser eyes on your social media picture. Too many laser eyes will be the kiss of death,” Brandt warned.
