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 its final resistance level of $87,000.

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

Brandt evaluated that this uptrend 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," and "the current price movement 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 increasing the likelihood of breaking $87,000.

Technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are also showing a gradual upward curve in the bullish zone, suggesting ample room for further gains. Brandt predicted that Bitcoin would test the resistance levels of $82,000 and $84,000 sequentially in the short term, then move to reclaim the final gateway of $87,000. If it successfully settles in this range, a short squeeze, triggering massive liquidations for short sellers, is expected to accelerate the price increase even further.

External macro environments, such as U.S. President Donald Trump's extension of the Middle East ceasefire and continuous capital inflows into spot Bitcoin ETFs, are also favorably impacting Bitcoin. The aggressive accumulation of holdings by institutional investors like Strategy, absorbing market liquidity, also provides strong support for Brandt's optimistic outlook. Bitcoin is now solidifying its status as a key safe-haven asset within the global financial system, moving beyond the category of a mere asset.

The virtual asset market is preparing for the peak of a massive bull run, closely watching whether the final resistance line identified by the legendary expert will be broken. $87,000 appears to be more than just a price point; it will be a symbolic milestone marking the complete end of a long-term downtrend and entry into uncharted territory. Investors are closely monitoring the movements of key indicators and responding agilely to market signals in this 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. The content should be interpreted for informational purposes only.*