Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Legendary Trader Peter Brandt Says Post-Halving Advance for Bitcoin Could Kick Off After BTC Breaks $70,000

Legendary Trader Peter Brandt Says Post-Halving Advance for Bitcoin Could Kick Off After BTC Breaks $70,000

Daily HodlDaily Hodl2024/10/29 16:00
By:by Daily Hodl Staff

Seasoned trader Peter Brandt believes that Bitcoin ( BTC ) may have entered the most explosive phase of the market cycle after reclaiming the $70,000 range Tuesday.

Brandt tells his 745,000 followers on the social media platform X that Bitcoin has suddenly broken through a bearish pattern of lower high and lower low prices on the weekly timeframe as well as the upper bound of an inverted expanding triangle.

He suggests that Bitcoin may have started the parabolic phase of the market cycle that has historically occurred every four years after the halving event, when miners’ rewards are cut in half.

“The five-month inverted expanding triangle has now been completed. Follow through will be important. The post-halving advance may have begun. The series of lower highs and lower lows since March has come to an end.”

Legendary Trader Peter Brandt Says Post-Halving Advance for Bitcoin Could Kick Off After BTC Breaks $70,000 image 0 Source: Peter Brandt/X

He suggests Bitcoin could next soar more than 29% from its current value to print a new all-time high of $94,000.

“There are numerous ways to determine targets. One variable is whether semi-log or linear scale is used. Target of $94,000 is measured move of triangle projected from breakout level on semi-log.”

Legendary Trader Peter Brandt Says Post-Halving Advance for Bitcoin Could Kick Off After BTC Breaks $70,000 image 1 Source: Peter Brandt/X

Brandt also offers two other models that suggest Bitcoin’s cycle peak may be in the six figures.

“A swing target can also be determined by projecting the November 2022 low to March 2024 high upwards from August 2024 low as shown also on log scale. For now I think this is a stretch. My rule is one target at a time.”

Legendary Trader Peter Brandt Says Post-Halving Advance for Bitcoin Could Kick Off After BTC Breaks $70,000 image 2 Source: Peter Brandt/X

Another model Brandt looks at predicts Bitcoin could peak at around $150,000.

“No method of analysis is fool-proof, but it should be noted that the highs of past bull markets line up quite well against an inverted parabolic curve. Should this tendency also continue, the high of this bull market cycle could be in the $130,000 to $150,00 range.”

Legendary Trader Peter Brandt Says Post-Halving Advance for Bitcoin Could Kick Off After BTC Breaks $70,000 image 3 Source: Peter Brandt/X

Bitcoin is trading for $72,376 at time of writing, up 3.6% in the last 24 hours.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X , Facebook and Telegram

Surf The Daily Hodl Mix

Generated Image: Midjourney

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Altcoin Google Searches Surge to 3-Year High

Interest in altcoins spikes as Google searches hit their highest level since 2021, signaling a bullish sentiment in the crypto market.What This Means for the Crypto MarketLooking Ahead

Coinomedia2025/07/22 10:30
Altcoin Google Searches Surge to 3-Year High