Peter Brandt, a technical analyst, now thinks Bitcoin is on its way to $200,000, citing a recent breakout above $57,000. The sharp swing to spot rates comes behind growing institutional adoption.
Bitcoin Breaks Out, Path To $200,000?
The analyst, posting on X, noted that BTC prices are now trading above the 15-month channel resistance. Earlier today, Bitcoin broke above the upper trend line of the ascending channel.
Accordingly, Brandt now thinks this breakout, especially considering what has been happening with the rate of Bitcoin absorption among institutions, would propel the coin higher.
With this background, the analyst revised Bitcoin’s target from $120,000 to $250,000. Brandt added that this uptrend will end by August/September 2025.
Overall, traders are bullish on the coin, expecting higher prices to float. At spot rates, BTC, after breaking out from the 15-month ascending channel, is trading at 2024 highs. Traders expect more gains towards 2021 highs of aro
We współpracy z: https://bitcoinist.com/bitcoin-analyst-target-200000-spot-etfs-btc-new-era/
