Legendary trader says ‘it’s very unlikely’ Bitcoin will trade above $200k this decade
The post Legendary trader says ‘it’s very unlikely’ Bitcoin will trade above $200k this decade appeared on BitcoinEthereumNews.com.
When Bitcoin (BTC) reached a record high above $100,000, one of the next key anticipated targets was the $200,000 mark. However, a veteran trader has ruled out this possibility in the coming years. To this end, legendary rader Peter Brandt has suggested that it is highly improbable for BTC to trade above $200,000 by the end of the decade unless it can break through a critical resistance level, according to his X post on February 14. Brandt’s analysis highlighted key technical formations that have shaped Bitcoin’s long-term price action. If these patterns hold over the next five years, they could rule out a move to $200,000. “Unless Bitcoin has escape velocity through upper parabolic resistance line it’s very unlikely that BTC will be trading above $200k at the end of this decade,” he said. Bitcoin price analysis chart. Source: Peter Brandt Historically, Bitcoin has experienced multiple parabolic advances, driving it to new highs. However, an upper parabolic resistance could cap its upside potential below $200,000. The analysis identified rectangles (RT), head and shoulders patterns (H&S), and expanding formations (Exp), indicating a structured yet volatile price trajectory. Brandt emphasized that unless Bitcoin decisively breaks its current parabolic structure, a rally beyond $200,000 remains unlikely. Bitcoin’s history includes rounding bottoms (Rnd), symmetrical triangles (ST), and key accumulation phases preceding significant rallies. Yet, each cycle has seen the asset struggle against critical resistance levels. Contrasting Bitcoin price prediction Interestingly, Brandt’s outlook differs from that of technical analyst Gert Van Lagen. In an X post on February 15, Van Lagen stated that Bitcoin might be gearing up for a final push to surpass the $200,000 mark. According to the analyst, the leading cryptocurrency appears poised for a final parabolic rally that could culminate in the $270,000 to $300,000 range. Bitcoin price analysis chart. Source:…
Filed under: News - @ February 15, 2025 8:16 pm