Bitcoin

Peter Brandt, a veteran trader and one of the world’s best and most experienced classical chartists, recently shared his views on Bitcoin after it hit the $56,000 level. In a recent post on X (previously Twitter), Peter shared his thoughts and also added a chart of Bitcoin where he highlights the current upside momentum in Bitcoin, breaking the 15-month channel, and suggesting a new target for the ongoing bull market cycle.&nbsp; Peter Brandt’s recent Bitcoin speculation 
As per Peter, Bitcoin was initially set at $120,000; the updated target is now $200,000, with the cycle expected to conclude around August or September 2025. It’s important to note that if the price falls below last week’s low, this optimistic outlook would be invalidated.
Bitcoin UpdateWith the thrust above the upper boundary of the 15-month channel, the target for the current bull market cycle scheduled to end in Aug/Sep 2025 is being raised from $120,000 to $200,000.
However, this speculation by experienced trader Peter comes after the breakout of the upper level of the consolidation zone ($52,500 level). Following this breakout, Bitcoin experienced a massive price surge of over 8%, which caused a significant liquidation of over $162 million of Bitcoin short sellers’ positions, as per on-chain analytic firm Coinglass.&nbsp;
Currently, Bitcoin is trading near the $56,400 level, and in the last 24 hours, it experienced nearly 10% upside momentum. If we look at the <a href="https://news.todayq.com/bitcoin-may-revisit-48000-level-analytics-firm-warn/" target="_blank" rel="noopener noreferrer nofollow">performance of Bitcoin</a> over a more extended period, in the last 7 days, Bitcoin only experienced over 8% upside momentum, whereas in the last 30 days, Bitcoin experienced a massive 35% upside momentum. With this substantial price surge, the overall cryptocurrency industry is up by 6.3%, and the overall cryptocurrency market cap now stands at $2.1 trillion. Bitcoin Technical analysis and key levels 
Besides this massive price surge, the 24-hour volume also experienced a significant surge of over 235%, currently standing near $47.6 billion. While looking at the performance of Bitcoin in the last 24 hours, Dan Held, aDeFi marketing advisor, made a post on X where he stated, “Welcome to the beginning of the Bitcoin bull run.” 
Following all these speculations, according to expert technical analysis, Bitcoin is currently bullish along with the current positive sentiment. On a daily time frame, Bitcoin is closing above the consolidation zone, and it looks like in the coming days it will hit $60,000 before what Peter Brandt expected.
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Bitcoin to hit $200k by the end of bull run, says Peter Brandt

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