Bitcoin Price Prediction According to Experts: Could Reach $97K per BTC
2024-11-05
Bittime - A veteran trader named Peter Brandt expressed his prediction hAttractive Bitcoin price. He estimates that the price of this number 1 crypto asset could reach $97 thousand or around IDR 1.52 billion.
Peter Brandt has an optimistic view of Bitcoin's future. In his latest analysis, Brandt estimates that Bitcoin can reach a fantastic price of $97,056 (Rp. 1.52 billion) after successfully breaking through the triangle pattern that has formed.
Although Bitcoin recently saw its price drop below $68,500 (Rp. 1,074 billion), the broader bullish structure remains intact. Since September, Bitcoin price movements have shown strong bullish potential, and Brandt has not hesitated to share his views on the next price target.
Understanding the Bitcoin Triangle Pattern
As background, between March and September 2024, the Bitcoin price chart displays an inverted triangle pattern characterized by converging trendlines of lower highs and higher lows. This pattern often indicates consolidation before a breakout occurs.
Interestingly, in a market chart shared by Brandt, Bitcoin just managed to break out of this triangle pattern exactly last week when the price surpassed $73,500 (Rp. 1,152 billion). Movement above this upper resistance line indicates a significant shift towards a bullish trend.
Read also: What is Bitcoin's lowest price in 2024? Here's an analyst's prediction
What Does This Breakout Mean?
After the breakout, Bitcoin showed signals of a potential uptrend with a tempting price target of $97,056 (Rp. 1.52 billion). However, Brandt reminded that there are certain conditions that must be met to validate this breakout.
He emphasized that not all trendline violations can be considered legitimate breakouts. For proper confirmation, Bitcoin price needs to close above $76,000 (Rp. 1,191 billion) on the daily chart.
This confirmation should occur at midnight on Sunday. Unfortunately, on November 3, Bitcoin was unable to reach a daily close above $76,000, instead closing slightly lower at $68,741 (Rp. 1,078 billion) after hitting a low of $67,482 (Rp. 1,059 billion).
Considering Other Bitcoin Price Targets
In previous analysis, Brandt has also set three different price targets for Bitcoin based on various analytical approaches. First, he mentioned a target of $94,000 (Rp. 1,474 billion), which comes from an inverted triangle pattern analyzed on a semi-logarithmic scale.
Read also: How to Buy and Sell Bitcoins Through Bitcoin ATMs
This pattern, which was initially considered bearish, now shows a bullish outlook. The $94,000 projection is obtained by measuring the height of the triangle and applying it from the breakout level. If Bitcoin can stay above $70,000 (Rp. 1,099 billion), this level has the potential to become a new support zone.
The second, more ambitious target is $230,000 (Rp. 3,610 billion), which is calculated by projecting price movements from the lowest point in November 2022 to the highest point in March 2024.
Then, he implemented this range starting in August 2024. Although this target is considered more aspirational, Brandt suggests that we focus on one target at a time.
The third target is $160,000 (Rp. 2,512 billion), which is based on the cyclical symmetry that repeats itself in Bitcoin's historical market patterns.
Conclusion
With optimistic analysis and views from experts like Peter Brandt, Bitcoin investors may feel more confident in continuing to monitor price movements. While there are challenges in confirming the breakout and meeting price conditions, the potential to achieve ambitious price targets remains.
Who knows, maybe we will see Bitcoin break the $97,000 mark (Rp. 1.52 billion) in the near future. For now, stay alert and keep up to date with information regarding this cryptocurrency.
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