Peter Brandt Raises Bitcoin Forecast to $200,000 Amid Bull Market Momentum
In a recent update from renowned trader Peter Brandt, the Bitcoin landscape has been given a fresh perspective. Brandt’s analysis, shared via Twitter, highlights a significant movement as Bitcoin breaks through the upper boundary of its 15-month channel.
This breakthrough prompts a revision of the target for the ongoing bull market cycle, which is anticipated to conclude around August/September 2025. Initially set at $120,000, the new target is ambitiously adjusted to $200,000.
However, Brandt notes a caveat: a close below the previous week’s low would invalidate this bullish outlook, underscoring the volatility and uncertainty inherent in cryptocurrency markets.
Bitcoin Price Prediction
On February 29, Bitcoin (BTC/USD)’s pivotal pivot stands at the $61,500 mark. Bitcoin encounters its first major resistance at $63,927, with subsequent barriers at $66,524 and $69,093.
Conversely, support levels are established at $58,982, followed by $56,103 and $53,372, delineating potential fallback positions in case of a downturn.
A notable observation is Bitcoin’s struggle near the $62,500 resistance level, where the formation of a Doji candlestick pattern could potentially herald a selling trend.
This is further compounded by the Relative Strength Index (RSI) peaking at 84, indicating a pronounced overbought condition that may precipitate a sharp sell-off.
Moreover, the 50-day Exponential Moving Average (EMA) stands at $55,133, offering a historical support baseline.
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Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
