Bitcoin
$64,350.51+0.61%
Ethereum
$3,139.94+0.17%
Binance Coin
$609.72+0.38%
Solana
$143.94-1.81%
XRP
$0.52593287+0.46%
Dogecoin
$0.15093111+0.56%
Toncoin
$5.39-1.08%
Cardano
$0.46969840-0.40%
Shiba Inu
$0.00002573+3.00%
Avalanche
$35.48+0.35%
Tron
$0.11713535+2.65%
Wrapped Bitcoin
$64,378.47+0.48%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Countdown to Consensus 2024The largest and longest running event that covers all sides of Crypto and Web 3
33
DAYS
03
HR
27
MIN
57
SEC
Markets

Veteran Analyst Peter Brandt Expects Bitcoin to Reach $200K

Based on an analysis of price chart patterns, bitcoin is about halfway through its current bull market, which began around the March 2020 low.

By Damanick Dantes
AccessTimeIconMar 22, 2021 at 5:46 p.m. UTC
Updated Mar 6, 2023 at 2:52 p.m. UTC
Weekly chart shows BTC parabolic rises along ascending channel.
Weekly chart shows BTC parabolic rises along ascending channel.
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Bitcoin (BTC) is about halfway through its current bull market, which originated around the March 2020 price low, according to Peter Brandt, a veteran analyst and investor who's been following commodity markets for more than four decades and serves as CEO of Factor LLC, which he founded in 1980. He's been given credit for correctly predicting bitcoin's steep price correction in 2018.

In an interview on CoinDesk TV, Brandt, a well-known author on interpreting chart patterns, explained the long-term BTC bull market remains intact. His technical analysis suggests BTC could continue to rally, albeit with corrections along the way.

  • Brandt expects bitcoin to reach $180,000 to $200,000 by Q3 or Q4 based on its long-term trend channel.
  • "I keep my eye on the broader picture. Bitcoin over the past 10 to 11 years, you get these big rallies that accelerate two to three years, and then you get a big correction," said Brandt.
  • Bitcoin is currently moving along its fourth parabolic advance on the weekly log-scale chart.
  • The parabolic advance provides an anchor to BTC price from the March 2020 low.
  • However, Brandt cautioned against the recent wave of exuberance on social media. "We're in for trouble," Brandt said, when people start "having laser-eyes on their Twitter feed."
  • "Bitcoin is taking the role of store of wealth and medium of exchange. It's a binary bet. It will be be the best of what people really want it to become, or it will become nothing."

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.