Market commentator and technical analyst Peter Brandt recently posted a chart of Bitcoin that suggests its price could reach $240,000 as early as this Fall.
Peter said in a tweet, “Big picture $BTC Bitcoin is undergoing its third parabolic advance in the past decade. A parabolic advance on an arithmetic scale is extremely rare – three on a log scale is historic.”
Peter’s chart is putting some potential price structure as the current iteration of the 4 year cycle bull market run unfolds. Tesla took $1.5 billion of its cash and invested in Bitcoin. The world’s largest asset management firm – with an eye-popping $8.67 trillion under management – has confirmed it is beginning to “dabble” in Bitcoin. Institutional money is flowing in.
Our Bitcoin price prediction for the coming high due in December is $379,825.
Peter’s chart is in the ballpark.
Hang on. It’s going to be a fun ride for crypto investors.