Most commodity trader Peter Brandt is calling for a Bitcoin peak of $150,000 by next August. Brandt said the largest cryptocurrency is on the ‘sweet spot’ of the bull market it is being pushed by a particular cycle he measures differently than the rest of the traders.
The key component of Brandt’s theory is that each Bitcoin’s halvering cycle appears to signify a near symmetrical rhythm in market patterns. In particular, the number of weeks between a halving event and a bear market bottom correlates very closely to the number of weeks from the halving to the market’s peak.
Bitcoin Expected to Reach $80,000 by Month-End
Brandt expects that Bitcoin’s current cycle will peak again in 2025, with prices peaking six figures by midnext year. BTC’s recently achieved its previous all-time high of $76,000 earlier this month, which has now led to its latest surge. In BTC, price action strengthened bullish sentiment as BTC is now above $76,243, a lifetime peak hit on November 6.
The Chartist Josh Olszewicz also joined in, predicting that BTC will quickly reach $80,000 possibly even before the end of the month. While a minor one hour chart divergence suggests a bit of a cooling, he says that the cryptocurrency is still on an upward path.
Bitcoin is up 4 percent over the past week, trading at $74,889 at press time. Other spot Bitcoin exchange traded funds (ETFs) have also inhaled their share of the action with inflows of $622 million and record levels of trading.
Brandt’s prediction reflects the historic potential for gains the cryptocurrency world will witness in the months ahead as it watches the post-halving rally play out. Now with increasing institutional interest and a market cycle that would be supportive, many think Bitcoin just might start a remarkable climb.
