Bitcoin price has noted a strong recovery this weekend after a sharp decline recently falling below the $91K mark. Amid this, veteran trader Peter Brandt has reiterated his bullish outlook on the flagship crypto, indicating that the crypto could continue its rally ahead. In addition, other on-chain metrics also indicate a positive momentum for BTC ahead.
Peter Brandt Predicts Bitcoin Price Rally Ahead
The Bitcoin price, alongside the top altcoins, has witnessed a strong rally over the past few days, sparking market confidence. However, the flagship crypto has recently witnessed a sharp decline amid a broader crypto market crash this week. Despite that, BTC has recovered from its weekly lows on Saturday, indicating investors are reentering the market.
Amid this, veteran trader and top market expert Peter Brandt maintained a bullish outlook for BTC. In a recent analysis, Brandt said that the crypto is likely to hit $108,358 in the coming days, sparking optimism. However, he also warned over a potential decline to $76,614 citing the technical charts.
Besides, he also said that “this is not a prediction”, indicating the risks associated with the market. He said that these analyses only reflect the “possibilities, not probabilities, not certainties.” Besides, he has recently set a BTC price target of $125K, which has also gained notable market attention.
However, the market optimism is soaring towards the crypto market after Donald Trump’s election win in November. Now, as Trump’s inauguration on January 20 is approaching, the market sentiment is further bolstered by anticipation over the pro-crypto regulatory environment in the US.
What’s Next For BTC?
The discussions over the US BTC Strategic Reserve have fueled market sentiment recently. On the other hand, the recent robust inflow into US Spot Bitcoin ETF has also signaled a growing institutional interest in the crypto. However, the recent outflux this week into BlackRock Spot Bitcoin ETF and others has fueled concerns.
Despite that, the on-chain metrics indicate positive momentum ahead. For context, top analytics platform CryptoQuant said that “Bitcoin demand is surging.” CryptoQuant said that “OTC desks” are witnessing their largest monthly inventory decline this year, down 26K BTC. Considering that, the tightening market supply also indicates a bullish momentum ahead.
In addition, other market experts have also remained optimistic about the future trajectory of BTC. For context, Matrixport has cited key reasons recently that have sparked a rally in Bitcoin price and top altcoins like Solana, XRP, and DOGE. Besides, it also set a BTC price target of $160K for the crypto, boosting investors’ confidence.
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