Veteran trader Peter Brandt believes that Bitcoin
$72,060
($BTC) has likely entered a highly volatile stage of its market cycle after surpassing the $70,000 mark on Tuesday.
### Overview
**Market Analysis**
Brandt shared his insights on the social media platform X, highlighting that Bitcoin has broken free from a downward trend characterized by lower highs and lower lows on the weekly chart. This breakout also coincides with the upper boundary of an inverse expanding triangle pattern.
Brandt anticipates that Bitcoin might be entering the parabolic phase of its four-year market cycle, a period that aligns with the upcoming halving event, during which miners’ block rewards will be reduced.
**Bitcoin Target**
According to Brandt, Bitcoin could potentially climb more than 29% from its current price, aiming for a new all-time high of approximately $94,000. He also noted that other predictive models indicate the possibility of Bitcoin reaching six figures.
He stressed that while his analytical techniques are not infallible, historical trends show that the peaks of previous bull markets have closely followed an inverse parabolic curve. If this pattern holds true, the current bull market peak might land somewhere between $130,000 and $150,000.
As of now, Bitcoin is trading at $72,000, having experienced a 1.6% drop over the past 24 hours. The price, which has been nearing its all-time high, continues to strive to hold the $71,500 level as support, keeping traders optimistic.
### Conclusion
In summary, Peter Brandt’s analysis indicates that Bitcoin could be poised for substantial gains in the near future. Traders should remain vigilant regarding this potential volatility.
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**Disclaimer:**
The information provided in this article is not intended as investment advice. Investors should recognize that cryptocurrencies are highly volatile and carry substantial risk, and should conduct their own thorough research.