- Bitcoin’s price surge continues with Peter Brandt now eyeing a $200,000 target.
- Brandt cautions against market overheating, highlighting potential pullback triggers like RSI signals.
- The use of “laser eyes” memes resurfaces as a bullish indicator amidst Bitcoin’s ongoing rally.
Legendary Bitcoin trader Peter Brandt has a new target for the current bull market cycle: $200,000, up from his previous prediction of $120,000. This prediction is based on a technical analysis chart showing Bitcoin breaking above a key channel.
Bitcoin is currently trading at $56000. However, according to Brandt analysis a close below last week’s low of $41,000 could signal a short-lived uptrend.
Brandt’s analysis uses technical indicators like moving averages and the Relative Strength Index (RSI) which is currently 79.0 suggests Bitcoin may be due for a pullback or a bearish cycle.
The price of Bitcoin has reached a new yearly high of $57,000, the first time it has done so in over two years. The bull run that started in 2023 is still ongoing and does not appear to be slowing down. The price has been able to move up by almost 5% on Tuesday, directly continuing from Monday’s 5% rally. Bitcoin’s price was relatively stable between February 15 and 25, but over the last two days, buyers appear to have returned as BTC hit $57,073 on Tuesday morning.
Brandt also added that he will use “laser eyes” on his X profile picture again. The analyst jokingly cautioned his followers against the widespread adoption of laser eyes memes, which he used to show bullish sentiment in 2021. Overuse of the laser eyes “indicator” could indicate an overheated market ripe for correction.
Last Christmas, Brandt shared a Bitcoin price prediction along with a Christmas wish. The post featured a Bitcoin chart with a Christmas tree and a star drawn on top of it. Although the meaning behind the “Christmas tree” on the Bitcoin chart is unclear, it piqued the interest of his 690.4K followers on X.
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