When Bitcoin (BTC) hit a record high above $100,000, with $200,000 expected to be the next key mark. However, veteran trader Peter Brandt has ruled out such a possibility in the coming years.
In his opinion, it is unlikely that BTC will trade above $200,000 by the end of the decade unless it can overcome a critical resistance level.
Brandt highlighted key technical formations that have shaped Bitcoin's previous price action. If these patterns hold over the next five years, they could rule out the $200,000 level.
If Bitcoin fails to break the upper parabolic resistance line, it is unlikely that BTC will trade above $200 by the end of this decade.
Bitcoin Price Analysis. Source: Peter Brandt
The popular trader's analysis revealed rectangles, head and shoulders patterns, and expanding formations that point to a structured but volatile price path.
Bitcoin's history includes rounded bottoms, symmetrical triangles, and key accumulation phases that precede significant rallies. However, each cycle has been marked by a struggle with critical resistance levels.
Brandt's forecast differs from that of technical analyst Geert Van Lagen, who, on the contrary, is confident that Bitcoin may be preparing for a final push to $200,000.
According to the analyst, the leading kriptovalyuta may peak in the $270,000 to $300,000 range.
Bitcoin Price Analysis. Source: TradingView/Gert van Lagen.
