Bitcoin has once again sparked debate with bold price forecasts following its recent recovery. The idea that the cryptocurrency could hit $250,000 before the end of 2026 has especially caught the attention of the crypto community. However, veteran investor and technical analyst Peter Brandt has challenged this projection, arguing it does not align with Bitcoin’s current chart structure.
Brandt critically evaluates bullish targets
On April 28, Peter Brandt posted on social media that a $250,000 target for Bitcoin is not realistic. Sharing a daily chart, Brandt pointed out that Bitcoin is currently trading within an ascending channel. He underscored that the powerful bottom patterns needed to fuel a dramatic rally are simply not present. He also noted that widely discussed technical formations, such as the “flag” pattern, are absent from the chart.
Brandt emphasized that Bitcoin is progressing within its established channel and that the charts do not indicate an imminent breakout.
With decades of technical analysis experience in global financial markets, Peter Brandt is closely followed by traders for his chart-based insights. Notably, his latest take on Bitcoin focuses more on structural chart features than short-term price volatility.
Bullish forecasts and institutional interest
Peter Brandt is not the only figure to comment on ambitious Bitcoin targets. Fundstrat founder Tom Lee and financial author Robert Kiyosaki have argued that rising institutional interest and inflows into spot Bitcoin ETFs are fueling optimism. They further suggest that improved digital asset regulations in the US could give the market an additional lift.
Mike Novogratz, CEO of Galaxy Digital, recently remarked that if US President Donald Trump signs the CLARITY Act in June, Bitcoin could surge as high as $90,000 before the end of the second quarter. Analysts say such regulatory moves may reduce market volatility and attract more institutional capital.
Technical data and recent price action
Bitcoin slid by 2% during the day, falling to around $76,438. The day’s low was at $76,384, while the high touched $79,327. Trading volume climbed by approximately 40% over the past 24 hours. According to CryptoAppsy, Bitcoin was trading near $77,000 at the time of reporting.
Recent price fluctuations have also been shaped by geopolitical developments involving Iran and the United States. According to media reports, the US is considering Iran’s proposal to reopen the Strait of Hormuz and bring an end to regional hostilities. These headlines have influenced energy prices and dampened enthusiasm for risk assets overall.
Futures markets have mirrored this turbulence. Data from CoinGlass shows that open interest in Bitcoin futures slid 2.5% over 24 hours to $56.70 billion. Open positions at CME dipped 0.32% within the hour, while Binance recorded a 0.39% decline. These contractions signal that some traders are taking profits and that leverage across the market is falling.
Despite this, overall Bitcoin trading volumes have remained robust. This suggests that, while there is uncertainty about price direction, traders and investors remain highly active in the market.
