Peter Brandt: "Bitcoin's Fate Hinges on Breaking $87,000"

▲ Bitcoin (BTC)/ChatGPT generated image

Bitcoin (BTC) stands at a critical juncture for entering a historic bull market, facing the ultimate resistance level of $87,000.

According to U.Today, a cryptocurrency specialized media outlet, on April 23 (local time), legendary trader Peter Brandt analyzed that the current Bitcoin rally's direction for several years will be determined by whether it breaks through the $87,000 range. He stated via his X (formerly Twitter) account, "The upper resistance line of the expanding triangle or expanding wedge pattern that Bitcoin is currently forming is located around $87,000." If Bitcoin definitively breaks through this range on a weekly closing basis, the price will gain strong momentum to surge to levels between $130,000 and $150,000.

Brandt assessed that this surge aligns with Bitcoin's past 1,065-day cycle bull market pattern. He explained, "Historically, Bitcoin has recorded a parabolic rise for about three years after approximately one year of a bear market," adding, "The current price trend precisely matches this successful rally schedule." In particular, the recent stable support at the $78,000 level, securing downside rigidity, is interpreted as a positive sign that increases the possibility of breaking through $87,000.

Technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are also showing gentle upward curves in the bullish zone, suggesting ample room for further upside. Brandt predicted that Bitcoin would test resistances at $82,000 and $84,000 successively in the short term, then move to reclaim the final hurdle of $87,000. If it successfully settles in this range, a short squeeze, inducing large-scale liquidations of short-sellers, is expected to occur, accelerating the price increase.

External macro environments, such as U.S. President Donald Trump's extension of the Middle East ceasefire and continuous capital inflow into spot Bitcoin ETFs, are also favorable for Bitcoin. The aggressive accumulation of holdings by institutional investors like Strategy, absorbing market liquidity, also serves as strong evidence supporting Brandt's optimistic outlook. Bitcoin is now solidifying its status as a key safe-haven asset in the global financial system, transcending the simple category of an asset.

The virtual asset market is preparing for the peak of a massive bull run, closely watching whether the ultimate resistance level identified by the legendary expert will be breached. $87,000 is expected to be a symbolic milestone that not only marks the complete end of the long-term downtrend but also signifies entry into uncharted territory. Investors are closely monitoring the movement of key indicators and responding agilely to market signals in a period of increased price volatility.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*