U.Today

Peter Brandt, a veteran of the financial markets with over 50 years of experience, recently made a bold prediction about Bitcoin (BTC).

Brandt's forecast centers around the "Banana Zone" phenomenon, heavily influenced by Raoul Pal this year. The "banana zone" refers to a theoretical market period where an asset's price trajectory resembles that of a banana—parabolically rising and expanding.

Pal has speculated that Bitcoin and the cryptocurrency market may enter this "banana zone" this cycle. Though this has not occurred yet, the former Goldman Sachs top manager remains optimistic, stating that talk of a yellow fruit won't commence until Bitcoin decisively surpasses $70,000.

Peter Brandt shared his thoughts, indicating that while Pal awaits a breakthrough at $70,000, he is focused on a target of $72,000.

Preparatory Work

Brandt's reasoning hinges on the fact that $72,000 is close to an all-time high for Bitcoin, reached in March this year.

By following Brandt's logic, it seems that until the cryptocurrency displays bullish movements near its historical peak, discussions about a "banana zone" may be premature.

Thus, while the "banana zone" is still on the horizon, all attention will be directed towards the $72,000 mark on Bitcoin's price chart.

This article was originally published on U.Today.