Renowned trader Peter Brandt has tempered bullish expectations for Bitcoin, suggesting that the leading cryptocurrency may struggle to surpass $200,000 before the end of this decade. While acknowledging Bitcoin’s historical parabolic surges, Brandt emphasized that his analysis was merely an observation, not a trade recommendation, underscoring the uncertainty surrounding long-term price projections.
Bitcoin’s Price Struggles at Resistance Levels
At the time of Brandt’s latest report, Bitcoin is trading at $96,789, posting a modest 0.17% gain for the day but experiencing a 2.85% decline over the past week. Despite signs of recovery, Bitcoin faces a critical test at its resistance levels. According to Brandt, a sustained breakout is necessary for the asset to challenge higher valuations. Without this momentum, hopes of Bitcoin exceeding $200K might be overly ambitious.
A closer look at historical price movements reveals a long-term ascending channel dating back to 2012, characterized by two major trendlines that act as support and resistance. Bitcoin has also witnessed multiple parabolic rallies, each followed by sharp corrections before the next cycle begins. Currently, Bitcoin appears to be forming another parabolic rise, but its approach toward the upper channel resistance suggests caution.
Key Technical Indicators Signal Uncertainty
Bitcoin’s 8-week moving average stands at $97,633, a level it has struggled to surpass. If the cryptocurrency continues to trade below this threshold, selling pressure could intensify. Meanwhile, the Average True Range (ATR) is recorded at 8,988, indicating heightened volatility. The Average Directional Index (ADX) at 40.75 confirms a strong trend, though it remains uncertain whether the movement will be bullish or bearish.
Volume trends also present challenges. Bitcoin’s 20-period volume sum currently stands at 245,663, lower than previous breakout phases. Historically, a surge in trading volume has been essential for sustained upward momentum.
Can Bitcoin Break $200K by 2030?
Brandt asserts that unless Bitcoin decisively breaks through its parabolic resistance, it may struggle to reach $200K. The cryptocurrency needs a significant acceleration beyond key resistance levels to sustain its upward trajectory. Without this push, historical patterns suggest prolonged consolidation or potential downturns.
Bitcoin is nearing a critical resistance zone between $100K and $120K. Failure to breach this range could trigger a reversal, potentially pushing prices lower. On the downside, a strong support zone exists between $60K and $70K, which could act as a safety net if a correction occurs. In an extreme scenario, Bitcoin could revisit its long-term channel’s lower boundary, between $40K and $50K.
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For now, Bitcoin remains in a critical phase, and its ability to break past resistance will determine whether it can defy Brandt’s cautious outlook.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
