Brandt Identifies 3 Bullish Targets for Bitcoin as BTC Reaches 4-Month High Over $71,000

With Bitcoin’s recent renewed rally, which broke above $71,000 this morning, market veteran Peter Brandt has noted three bullish Bitcoin targets.

To put this into context, Bitcoin has seen its growth reach a 4-month high of $71,500 this morning. The move above the $71,000 mark follows three consecutive sessions of gains since October 26. Bitcoin is working towards its fourth session of gains today.

The rally in the leading crypto asset has sparked optimism within the market, especially considering the upcoming U.S. presidential election and the surge in market confidence demonstrated by whale addresses.

Notably, Peter Brandt suggested three possible bullish price targets on X amid the latest rally. The market veteran identified each target based on different analytical methods, offering alternative outlooks for Bitcoin’s possible upward trajectory.

Bitcoin targets $94,000 in triangle breakout
In the first chart, Brandt discusses the measured move target of an inverted expanding triangle pattern on a semi-logarithmic scale at $94,000. Market analysts have discussed this structure in previous analysis, identifying it as a bearish pattern.

Brandt calculated the expected move from the height of the triangle to the breakout point at $94,000. If Bitcoin holds above $70,000, this could act as new support and traders may target $94,000 in anticipation of more upside momentum.

Logarithmic projection of Bitcoin’s target of $230,000
Brandt's second drawing was more ambitious, proposing a $230,000 goal. He calculated this target by taking the upside from the November 2022 low to the March 2024 high and applying it to the August 2024 low.

However, Brandt noted that this goal might be a bit ambitious, noting that he would prefer to support just one at a time. This prediction is consistent with Bitcoin’s price action often mimicking previous cycles, especially after market-defining events like the fork.

$160,000 target based on cycle symmetry
The third chart dates back to June and proposes a $160,000 target based on Bitcoin’s cycle symmetry. Brandt noted the “beautiful symmetry” of Bitcoin’s past bull cycles, using the timing of previous peaks and divergences as the basis for his analysis.

Each food distribution cycle has resulted in new all-time highs between 490 and 550 days later, and this forecast is consistent with that timing.

On the chart, the $160,000 target is marked on a long-term trendline that stretches to Bitcoin’s previous highs. This trendline serves as an overall guide to Bitcoin’s macro trajectory, suggesting that $160,000 could be a reasonable high for the current cycle.

Basically, the $94,000 target presents a short-term bullish outlook. The $230,000 target shows the potential for growth based on historical swing projections. Meanwhile, the $160,000 target is consistent with Bitcoin’s past performance following a fork.

Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not necessarily reflect the opinions of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.