Veteran Trader Peter Brandt Reveals Why Bitcoin Price Won't Hit $200k

Highlights

Peter Brandt cast doubts on Bitcoin price reaching $200K due to key resistance.
Brandt requires "escape velocity" for Bitcoin to break resistance levels.
Crypto analysts remain divided on Bitcoin's long-term potential and growth.
Bitcoin price hovers near $97k mark, sparking debate on its next move.

Bitcoin price was marginally up today at $97,500 level amid a broader crypto market recovery. Besides, the flagship crypto has touched a weekly high in the last 24 hours, nearing the $99K mark. Amid this renewed interest in the market, several experts hint at a breakout for BTC ahead. Despite that, veteran trader Peter Brandt has shared a contradicting statement recently, casting doubt over BTC hitting $200K anytime soon.

Why Peter Brandt Doubts Bitcoin Price’s Potential To $200K?

Renowned veteran trader Peter Brandt recently expressed skepticism about Bitcoin price reaching $200K by the end of the “decade”. Sharing a BTC price chart on X, he stated that BTC would need to break through key resistance to achieve such levels. Brandt explained:

“Unless Bitcoin has escape velocity through upper parabolic resistance line it’s very unlikely that BTC will be trading above $200k at the end of this decade.”

Bitcoin price chart — Source: Peter Brandt, X

Meanwhile, his statement contradicts the growing optimism among crypto analysts who predict a significant Bitcoin surge in the coming years. While some foresee BTC hitting a six-figure valuation, Brandt suggests that a major resistance barrier could limit its upside potential.

Brandt Remains Open To Different Approaches

Despite his skepticism, Peter Brandt acknowledged another market analysis that supports a bullish outlook for BTC. Crypto analyst ‘dave the wave’ shared a Bitcoin price projection, highlighting a pattern that suggests BTC could cross the $200K mark within this cycle.

Sharing the post, Brandt praised the analysis, calling it a “mathematically supported narrative.” This indicates he remains open to different perspectives, even if he personally questions BTC’s ability to sustain a parabolic rise beyond the resistance levels.

Peter Brandt Lauds BTC Chart — Source: dave the wave, X

Bitcoin Market Sentiment Remains Divided

The crypto community remains divided on Bitcoin’s long-term potential. While some analysts foresee BTC soaring past $200K due to increasing institutional adoption, others argue that market cycles may not support such extreme growth within this decade.

The ongoing BTC recovery has reignited debates over its next move. As Bitcoin hovers near the $100K mark, investors watch closely to see if it will break resistance or face a prolonged consolidation phase.

What’s Next For BTC Price?

Bitcoin price today was up over 0.4% and exchanged hands at $97,521, while its trading volume fell 2% to $30.5 billion. Notably, the crypto has touched a 24-hour high of $98,819.47, while noting a weekly surge of around 1.5%. Besides, BTC Futures Open Interest rose 0.6%, indicating renewed market sentiment towards the asset.

Notably, a BTC price prediction hints that the crypto might hover around the $97.5K level through this month. Despite that, a flurry of analysts remains bullish, hinting towards a potential rally to $106k in the near term. Besides, a recent report highlights that BTC might target the $103K level, as retail investors are looking beyond the recent set of hotter-than-expected inflation data.

For instance, top market expert Ali Martinez said that Bitcoin price is gearing up for a bullish breakout ahead, hinting at a surge to $106k soon. Echoing similar sentiment, another expert Rekt Capital also noted that if the crypto holds strong above the $97,700 level, it could extend the rally ahead.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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