Veteran trader Peter Brandt is raising his target price for Bitcoin (BTC) this cycle after the crypto king broke out of a massive bullish pattern.
The seasoned trader tells his 717,300 followers on the social media platform X that Bitcoin is now in a position to surge over 250% from current levels by Q3 2025 following a breakout from an ascending channel on the three-day chart.
But Brandt highlights that his big price target for BTC will be invalidated if Bitcoin starts to trade below $50,500.
“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.”
Looking at Brandt’s chart, the trader seems to suggest that BTC has taken out two key resistance levels in just the past week.
The trader is also warning against the use of “laser eyes” on social media platforms as Bitcoin continues to move higher. In 2021, the laser-eye trend emerged, in which members of the crypto community used laser eyes on their social media profile photos to cheer on Bitcoin’s rise to $100,000. Back then, Brandt said the movement marked Bitcoin’s top as it indicated over-exuberance among BTC holders.
Says Brandt,
“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 (kiss of death).”
At time of writing, BTC is worth $56,849, up over 3% in the last 24 hours.
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The post Bitcoin Breakout Could Send BTC to Massive Price Target, Says Legendary Trader Peter Brandt – But There’s a Catch appeared first on The Daily Hodl.
