Peter Brandt's chart shows BTC could possibly reach $150K by late 2025.
Despite recent volatility, BTC price rebounded from $52K to $58K, indicating a recovery in the coming months.
BTC path to $60K remains doubtful, with a 3.5% decline in September, highlighting the challenges ahead for bullish traders.
In an analysis, trader Peter Brandt has renewed positiveness in the Bitcoin community by forecasting a price surge for the leading cryptocurrency. Despite recent market downturns, Brandt's latest chart shows that Bitcoin could still be on track to reach a curved peak of approximately $150,000 by late 2025. This prediction aligns with his previous outlook, which anticipated a similar peak during the ongoing bullish cycle.
Bitcoinâs Market MovementsÂ
Changes have marked BTC's market performance. On September 6, the digital asset price fell to $52,000, indicating a bearish move. However, Bitcoin bounced back, climbing to $58,070 on August 9, signaling a recovery. Even with this rebound, the market remains unclear, with BTC still struggling to read at $60,000.
https://twitter.com/PeterLBrandt/status/1833276225151770672
The chart indicates that Bitcoin is currently in a bullish cycle, with a potential price target of $73,734 USD. Historical analysis shows repeated patterns of consolidation followed by significant price increases, with recent trends reflecting a similar trajectory. The RSI is at 47.57, suggesting the market is neither overbought nor oversold, and the relatively low trading volumes indicate a stable yet less frenzied market.
Peter Brandt on Bitcoin's Possible Bullish Path
A descending triangle pattern suggests potential short-term consolidation before further upward movement. The data points to continued bullish momentum, with a possible approach to the previous ATH.
The gradual improvement in market has led some analysts to revisit their bullish predictions. However, Brandt remains cautious, rejecting the notion that Bitcoin is forming a bullish, inversed head and shoulders pattern, a common technical indicator of an impending upward trend. Nevertheless, he acknowledges that other chart formations could provide reasons for positivity.
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