Many analysts have been bullish about Bitcoin over the next few months and Peter Brandt is one of them.
After suffering several months of a seemingly never-ending price slump, Bitcoin seems on the path to recovery. Thanks to the spot BTC ETF being approved and the excitement about the incoming halving, Bitcoin price is trading above $56,000. Even with this, there is endless speculation about what price point BTC could possibly reach by the end of 2024 and beyond. Now, veteran analyst Peter Brandt has come out with an interesting prediction for Bitcoin.
Bitcoin’s Future Price Point
In a post on X, Brandt said that given the market’s movements over a 15-month period, he predicts that Bitcoin will reach $200,000 by next year. This is up from a previous prediction of $120,000.
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 https://t.co/p6Cgea6PpP— Peter Brandt (@PeterLBrandt) February 27, 2024
Many analysts have been bullish about Bitcoin over the next few months. As mentioned earlier, the ETF approval and halving are expected to play a part in this. But beyond the artificial scarcity of Bitcoin is the fact that there will be an influx of new market entrants over the next few months.
Additionally, the increase in Bitcoin’s market is likely to trigger similar fates for major altcoins. The spot Bitcoin ETF is still relatively new and there is already talk about other tokens like Ether getting their own ETFs. If this happens, Bitcoin will not be the only token seeing a bull run over the next year or so.
Though, this is to be expected. Collectively, the spot Bitcoin ETF was not seen as a one-and-done affair but as a way of opening the doors for more of such in the future. And as the effects of the ETF are being felt, industry stakeholders are excited for more.
But according to Brandt, they shouldn’t get too excited too soon. More specifically, he has warned that social media users shouldn’t use ‘laser eye’ profile pictures just yet. Laser eyes refer to edited images that show a person shooting lasers out of their eyes. These images are seen as a collective rallying call and a sign of investor mania.
While some might be tempted to change their profile pictures now to show their solidarity, Brandt explains that it is a contrary indicator. This means that, ideally, it should be used when the market has peaked and not when new price points are still being pursued.
“[…] 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,” he says.
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