Veteran trader Peter Brandt shared a bullish outlook for Bitcoin BTC/USD as the apex cryptocurrency reached $56,000 levels on Monday, marking its highest level since November 2021.
What Happened: Brandt said, “With 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.”
Brandt also warned that a drop below the previous week’s lowest value would invalidate his forecast.
The rise in prices comes as the “new nine” spot Bitcoin Exchange-Traded Funds (ETFs) hit a daily trading volume record of $2.4 billion on Monday, edging past the previous high of $2.2 billion on January 11.
Brandt also commented on the social media trend of using “laser eyes” to express bullish sentiment towards Bitcoin, suggesting that it could be a bad omen for the cryptocurrency:
“Just as I did in 2021, I will use laser eyes on ‘X’ as a contrary indicator. So, people, if you want Bitcoin to remain in a strong trend please do not adopt laser eyes on your social media picture. Too many laser eyes will be the KOD.”
The “laser eyes” trend in crypto 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 rally towards higher prices.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Another pseudonymous analyst, Altcoin Sherpa, told his followers that BTC has made a clear break out of a previous price range. “BTC: I have no idea why we're pumping but I'm all for it. Expecting BTC to mostly still outperform the majority of altcoins though in the short term.”
Analyst Michael Van de Poppe added, “Bitcoin being less than 20% away from its all-time high 55 days before its halving. It's an epic run, already.”
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.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
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