Peter Brandt, a notable trader in the crypto sphere, raised his projection for the value of Bitcoin tokens. Brandt expects the bull market cycle to last until August/September next year, that is, 2025. The earlier projection had a value of $120,000. He raised that to $200,000.
Irrespective of the mark he puts forward, both values are far-fetched dreams. Bitcoin can take a pivotal turn and climb up the ladder. However, the projected value is an overly optimistic milestone that is hard to achieve. Peter has based his assumption on the thrust above the upper boundary of the 15-month channel. While the community has not strengthened its belief in the number, most of them have said that the estimate does give them tingles.
For reference, BTC is currently exchanging hands at $56,596.29, with a rise of 10.80% in the last 24 hours. It even surpassed the value of $57,000 for a few moments on February 26, 2024, but then quickly shed the weight to drop to $56,000. Bitcoin future value predictions put forward an estimated achievement of $69,000 by the end of this year. BTC would soon test the resistance at $60,000, probably around the time when Bitcoin halving happens. A clear picture of Peter’s projections will be drawn after the Halving event.
Bitcoin valuation takes inspiration from a strong ETF inflow. The extent is that BTC is now the second biggest ETF commodity, having surpassed silver in terms of AUM – Assets Under Management. The value of silver is reported to be $11.5 billion, while for Bitcoin, it lies at $39.4 billion. Bullish trends are further backed by the participation of institutional and retail investors via ETFs.
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A move by MicroStrategy has also instilled a sense of optimism among BTC holders. The firm is reported to have added 3,000 BTC tokens this month. They are roughly valued at $155.4 million. The effects are tangible on the share value as well, with a rise of 14%.
The weekly inflow for digital asset investment products was $598 million in the previous week. Bitcoin marked a total of $570 million during the same time window. The year-to-date inflow comes to $5.6 billion, per a statement by Zakhil Suresh, the Chief Executive Officer of BitSave.
Prices did plummet after the approval of 11 Spot Bitcoin ETF applications by the US SEC; however, the trend later reversed as the selling pressure from GBTC calmed down.
All eyes are on Bitcoin Halving, tentatively scheduled to happen around April 19, 2024.
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As for Peter Brandt, members are also questioning whether, if he has raised the target or the projected estimate, then it is right to keep the timeline the same. It is likely a hint that while a rise in the projected estimate could be correct, the timeline is subject to changes if the goal has been increased.
