Veteran merchant Peter Brandt shared a bullish outlook for bitcoin BTC/USD as the leading cryptocurrency reached levels of $56,000 on Monday, marking its highest level since November 2021.
What happened: Brandt said: “With the push above the upper boundary of the 15-month channel, the target for the current market bull cycle scheduled to end in August/September 2025 is being raised from $120,000 to $200,000.”
Brandt also warned that a drop below the previous week's low would invalidate his forecast.
Price surge comes as Bitcoin's 'new nine' spot Exchange Traded Funds (ETF) hit a record daily trading volume of $2.4 billion on Monday, surpassing the previous high of $2.2 billion on Jan. 11.
Brandt also commented on the trend on social media of using “laser eyes” to express bullish sentiment towards Bitcoin, suggesting it could be a bad omen for the cryptocurrency:
“Just like I did in 2021, I will use laser eyes on 'X' as a contrarian indicator. So people, if you want Bitcoin to stay in a strong trend, don't adopt laser eyes on your social media image. Too many laser eyes will be the KOD.”
The “laser eyes” trend in cryptocurrencies refers to social media users altering their profile pictures to include red laser beams over their eyes, symbolizing a bullish stance and support for Bitcoin as they move towards higher prices.
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Because it is important: Another pseudonymous analyst, Altcoin Sherpa, told his followers that BTC has achieved a clear break with the previous price range. “BTC: I have no idea why we are pumping, but I am all for it. “BTC is expected to continue outperforming most altcoins in the near term.”
Analyst Michael Van de Poppe He added: “Bitcoin is less than 20% from its all-time high 55 days before its halving. It is already an epic race.”
Price action: At the time of writing, BTC was trading at $56,659 per token, up 11.46% in the last 24 hours. according to data from Benzinga Pro.
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Image from Leonid studio on Shutterstock
