Veteran trader Peter Brandt, known for his technical analysis expertise, has reignited optimism in the bitcoin market with his bullish outlook. Following his recent headline-making adjustment of the bitcoin price target for “the current bull market cycle” from $120,000 to $200,000, Brandt has now shared another chart that indicates the start of a bitcoin bull market.
Referencing his bitcoin price chart below, Brandt wrote on X Friday:
Should note that huge monthly bars are usually ‘starting’ or ‘take-off’ candles or ‘ending’ or ‘blow-off’ candles. My bet is that this is a ‘starting’ candle. Note the bars in late 2020 … Oct 2021 was blow off candle for example.
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