Peter Brandt, a prominent trader in the cryptocurrency space, has raised his outlook on the value of the Bitcoin token. Brandt expects the bull market cycle to last until August/September next year, or 2025. The previous estimate was worth $120,000. He increased that to $200,000.
Regardless of the goals he presents, both values are absurd dreams. Bitcoin could take a pivotal turn and climb the ladder. However, projected values are overly optimistic milestones that are difficult to achieve. Peter based his assumptions on thrust above the 15-month channel cap. The community wasn’t firm on its belief in that number, but most people said the estimate was: tingling.
For reference, BTC is currently trading at $56,596.29 and is up 10.80% in the last 24 hours. It even briefly surpassed the value of $57,000 on February 26, 2024, before quickly losing weight and falling to $56,000. Bitcoin future value prediction We expect to reach our goal of $69,000 by the end of this year. BTC will soon test the $60,000 resistance around the time of the Bitcoin halving. A clearer picture of Peter’s predictions will be drawn after the halving event.
Bitcoin valuation takes inspiration from strong ETF inflows. The extent of that is that BTC is currently the second-largest ETF product in terms of AUM (assets under management), surpassing silver. The value of silver is reported to be $11.5 billion, while the value of Bitcoin is $39.4 billion. The bullish trend is further supported by the participation of institutional and retail investors through ETFs.
MicroStrategy’s move created a sense of optimism among BTC holders. The company reportedly added 3,000 BTC tokens this month. They are worth approximately $155.4 million. The effect was evident in the stock price, which rose 14%.
Weekly inflows in digital asset investment products the previous week were $598 million. Bitcoin totaled $570 million during the same period. According to a statement from BitSave CEO Zakhil Suresh, inflows to date amount to $5.6 billion.
Prices plunged after the U.S. SEC approved applications for 11 spot Bitcoin ETFs. However, the trend later reversed as selling pressure on GBTC subsided.
All eyes are on the Bitcoin halving, tentatively scheduled to occur around April 19, 2024.
In the case of Peter Brandt, questions are being raised among members as to whether it is right to keep the schedule as is if the target amount or expected estimate has been increased. The increase in the projected estimate may be accurate, but the increased target seems to suggest that the schedule may change.