New Era

United

2024

Bitcoin

Spot

<p>Peter Brandt, a technical analyst, now&nbsp;<a class="editor-rtfLink" href="https://twitter.com/PeterLBrandt/status/1762303814156308957" target="_blank" rel="noopener nofollow">thinks</a> 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.&nbsp;</p> 
<h2 id="bitcoin-breaks-out-path-to-200-000">Bitcoin Breaks Out, Path To $200,000?</h2> 
<p>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. </p> 
<p>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. </p> 
<img loading="lazy" decoding="async" class="size-full wp-image-283944" src="https://bitcoinist.com/wp-content/uploads/2024/02/GHT1wZ5bEAAU5z2.jpg?resize=1024%2C536" alt="Bitcoin to $200,000 | Source: Peter Brandt on X" width="1024" height="536" srcset="https://bitcoinist.com/wp-content/uploads/2024/02/GHT1wZ5bEAAU5z2.jpg?resize=1024%2C536?w=1532 1532w, https://bitcoinist.com/wp-content/uploads/2024/02/GHT1wZ5bEAAU5z2.jpg?resize=1024%2C536?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/02/GHT1wZ5bEAAU5z2.jpg?resize=1024%2C536?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/02/GHT1wZ5bEAAU5z2.jpg?resize=1024%2C536?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/02/GHT1wZ5bEAAU5z2.jpg?resize=1024%2C536?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/02/GHT1wZ5bEAAU5z2.jpg?resize=1024%2C536?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
<p>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.</p> 
<p>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 around $70,000, citing institutional adoption.</p> 
<p>Since mid-January, billions have flowed to institutions following the approval of spot Bitcoin exchange-traded funds (ETFs) by the United States <a href="https://bitcoinist.com/south-korean-regulator-and-sec-ignite-nfts-in-may/" target="_blank" rel="noopener ">Securities and Exchange Commission</a> (SEC). Of note, the amount of coins purchased has, in some instances, exceeded those mined. Accordingly, this actively creates an imbalance, a demand-side event that would support prices even more.&nbsp;</p> 
<h2 id="spot-btc-etfs-ushered-a-new-era-of-price-discovery">Spot BTC ETFs Ushered A New Era Of Price Discovery</h2> 
<p>It is this development that Matt Hougan, Chief Investment Officer (CIO) of Bitwise Asset Management, notes in a letter to investors that will propel prices even higher. In the note <a class="editor-rtfLink" href="https://twitter.com/HHorsley/status/1762257107779572138" target="_blank" rel="noopener nofollow">shared</a>&nbsp;by CEO Hunter Horsley, Hougan argued that Bitcoin has now entered a “new era of price discovery,” mostly propped by big money institutions in the United States.</p> 
<p>Specifically, the CIO attributes this surge in demand to spot Bitcoin ETFs. It is a derivative product that has allowed a broad range of investors to access the coin easily. Hougan compares the recent sequence of events to “100 very wealthy people bidding on a house”. This is a drastic shift compared to the previous limited group of investors, mostly retailers before the United States SEC green-lit the product.&nbsp;</p> <a href="https://www.tradingview.com/x/Fgl3dsSX/" rel="nofollow noopener" target="_blank"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/Fgl3dsSX/" alt="Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView" width="1233" height="592"></a> 
<p>For what’s going on, Hougan expects more gains. In the CIO’s preview, if family offices and institutions allocated even 1% of their assets under management, the amount would translate to over $1 trillion. This figure almost equals the current Bitcoin market cap and would profoundly affect prices.</p>

Bitcoin Analyst Raises Price Target to $200,000, Spot ETFs Leads BTC To New Era

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