Veteran trader and renowned chartist Peter Brandt has doubled down on his bullish outlook for bitcoin. After raising his bitcoin price target for this bull market cycle to $200K, Brandt pointed to “huge monthly bars” on his bitcoin price chart, stating: “My bet is that this is a ‘starting’ candle.”
Peter Brandt on Bitcoin Bull Market: My Bet Is This Is a 'Starting' Candle
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Peter Brandt’s Bitcoin Bull Run Prediction
Veteran trader Peter Brandt, known for his technical analysis expertise, has reignited optimism in the bitcoin market with his bullish outlook. Following his recent headline-making adjustment of the bitcoin price target for “the current bull market cycle” from $120,000 to $200,000, Brandt has now shared another chart that indicates the start of a bitcoin bull market.
Referencing his bitcoin price chart below, Brandt wrote on X Friday:
Should note that huge monthly bars are usually ‘starting’ or ‘take-off’ candles or ‘ending’ or ‘blow-off’ candles. My bet is that this is a ‘starting’ candle. Note the bars in late 2020 … Oct 2021 was blow off candle for example.
A number of people on X agreed with Brandt. Chartist Caleb Franzen provided his analysis of the 3-year Williams%R signal on the price of bitcoin. He wrote:
There’s a tremendous amount of confluence indicating that we’re still in the early stages of a new bull market.
Brandt regularly analyzes bitcoin’s price, occasionally making bullish statements. In January, he highlighted bitcoin’s price pattern that is key to keeping BTC’s bull trend healthy. “It is the Hump…Slump…Pump…Dump that keeps a bull trend healthy,” he wrote. Moreover, he recently opined on X: “I have a macro bias in bitcoin in a very broad sense — that BTC is a best candidate to be a tremendous store of value against the destruction of fiat.” He further shared: “ Bitcoin is primary a store-of-value IMO and still has massive opportunities to appreciate. I think everything is junk, including ETH.”
Do you think a bitcoin bull market has started? Let us know in the comments section below.
