Veteran trader Peter Brandt has cast doubt on Bitcoin’s ability to reach $200,000 before 2030. His analysis comes as BTC trades near $97,000, showing mixed performance with a slight daily gain but weekly decline.
Technical Analysis Points to Resistance
Bitcoin faces a significant hurdle at the $100,000 psychological barrier. The 8-week moving average of $97,633 has repeatedly blocked upward momentum. Current market indicators show increased volatility, with an ATR of 8,988 and ADI of 40.75.
Historical Context and Market Patterns
Since 2012, Bitcoin has followed a distinct pattern within a rising channel. The cryptocurrency bounces between two crucial trendlines. These patterns suggest potential sharp corrections ahead.
Volume Analysis Raises Concerns
Trading volume data presents a cautionary signal. The current 20-period volume of 245,600 falls below typical breakout levels. This low volume could hamper sustained upward movement.
Key Price Levels to Watch
Critical support lies between $60,000 and $70,000. A strong resistance zone exists from $100,000 to $120,000. The lower channel boundary at $40,000-$50,000 could come into play if markets weaken.
Market Implications
Brandt’s analysis suggests Bitcoin needs significant momentum to break its current trajectory. The cryptocurrency must overcome several technical barriers for a sustained move higher.
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For Bitcoin to achieve the ambitious $200,000 target, it needs:
- Sustained trading volume increase
- Break above the upper parabolic resistance
- Strong institutional support
- Improved market sentiment
Tags: Bitcoin Price, Technical Analysis, Cryptocurrency Markets, Peter Brandt, Price Predictions
Source: NewsBTC