Brandt Identifies 3 Bullish Targets for Bitcoin: 94K, 160K, 230K as Bitcoin Reaches 4-Month High

Amid its recent recovery, Bitcoin surpassed $71,000 this morning, with market veteran Peter Brandt pointing out three bullish Bitcoin targets.

In simple terms, Bitcoin’s growth has increased, reaching a four-month high of $71,500 this morning. BTC has achieved intraday gains for three consecutive days since October 26, breaking through the $71,000 mark. BTC is seeking its fourth gain of the day.

There is renewed optimism in the market, especially considering the upcoming U.S. presidential election and the increased market confidence demonstrated by whale addresses.

Notably, Peter Brandt mentioned three potential bullish price targets for Bitcoin on X. The market veteran determined each target based on a different analytical approach, providing a different outlook for Bitcoin’s possible upward trajectory.

Bitcoin Targets $94,000 on Triangle Breakout

In the first chart, Brandt discusses a measured move target of $94,000 derived from an inverted expanding triangle pattern on a semi-log scale. The market analyst has discussed this structure in previous analysis, identifying it as a bearish pattern.

Brent's chart on X
Bitcoin would need to break above resistance at $69,985 to invalidate this structure. Currently, the asset has broken through this level. This breakout is important as it indicates a continuation of Bitcoin’s bullish trend.

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

Bitcoin Targets $230,000 on Logarithmic Projection

Brandt’s second chart is more ambitious, proposing a target of $230,000. He projects through the uptrend from the November 2022 low to the March 2024 high, applied to the August 2024 low.

Brandt suggested that this goal might be an ambitious one, noting that he only likes to take one at a time. This prediction is consistent with Bitcoin’s price movements often mimicking previous cycles, especially after market-defining events like halving events.

$160,000 target based on periodic symmetry

The third chart, dating back to June, suggests a target of $160,000 based on Bitcoin’s cycle symmetry. Brandt focused on the “beautiful symmetry” of Bitcoin’s past bull cycles, using the timing of past highs and halving events as the basis for his analysis.

Brent's chart on X
Each halving cycle has set new all-time highs after 490 to 550 days, and this prediction is consistent with that timing.

On the chart, the $160,000 target is marked on a long-term trendline that runs through 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 within the current cycle.

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

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