Bitcoin’s price rally has temporarily halted as investors prepare for the upcoming US CPI inflation data, which may lead to a slight pullback before a potential run in the coming days. Despite this, Peter Brandt, a veteran trader, predicts a bullish run for Bitcoin (BTC), sparking optimism in the market.
In a recent tweet, Brandt shared a chart showcasing two possible price paths for BTC: $134K and $327K. He presented two scenarios that could determine the flagship crypto’s next move. Some believe Bitcoin is overbought and could reach $134K, while others think the bull run has just started, potentially aiming for $327K.
Brandt’s analysis captures both bullish and bearish possibilities, with the high target of $327K catching investors’ attention. The chart’s dual-range possibilities indicate that BTC could experience significant volatility, but a breakout could push it beyond its recent all-time highs (ATHs). The lower target of $134K seems more feasible, but the long-term outlook could still reach the higher range.
A clear regulatory path in the US for crypto and a pro-crypto regulatory body under Donald Trump could help support the ongoing market rally. Brandt has also predicted BTC to hit $200K, aligning with Bernstein analysts’ outlook who expect a similar surge in the coming days. While Peter Brandt remains optimistic about Bitcoin’s price, other market analysts are cautious due to short-term volatility, US CPI, and other macroeconomic factors.
A prominent crypto analyst, Ali Martinez, noted on Twitter that long-term Bitcoin holders are not showing signs of “extreme greed” despite recent price increases. This restraint among holders indicates confidence and stability, as long-term holders typically signal overall market sentiment and future price sustainability.
However, the near-term outlook is clouded by the upcoming US CPI inflation data, which could impact investor sentiment across financial markets. Many experts anticipate a brief pullback in BTC prices as traders digest economic updates and prepare for possible interest rate cuts by the Federal Reserve.
The crypto market is waiting for the crucial economic data, with investors staying on the sidelines. Today, BTC is down over 2%, trading at $87,540, with trading volume falling 14% to $119 billion. The cryptocurrency touched a 24-hour high of $89,915.57 and an ATH of $89,956 this week. BTC Futures Open Interest also fell nearly 3% in the last 24 hours, indicating that investors are waiting for the crucial economic data before making decisions.
