A well-known commodity trader believes that Bitcoin (BTC) is set to hit new highs in August 2025.
Peter Brandt, a famous commodity trader, recently announced that he has identified a short-term buying signal for Bitcoin.
Peter Brandtâs Bitcoin Buy Signal Amidst Largest Correction
Peter Brandt, a well-known commodity trader, recently pointed out a short-term buy signal for Bitcoin, which he refers to as a âfoot shotâ (Friday) pattern on his X social media account.
Source:Â X
Brandt also highlighted that the current market correction is the largest seen during the ongoing bullish cycle that began in December 2022.
Last Friday, Bitcoinâs price dropped to as low as $53,917, driven by the combined effects of substantial Mt. Gox repayments and significant government liquidations. This drop represents a 27% correction, notably larger than the 21.9% correction Bitcoin experienced in Q3 2023, when it fell from a local peak of $31,862 to $24,900.
Bitcoinâs Price Predictions: Brandtâs Long-Term Outlook
Adam Back, co-founder of Blockstream, recently downplayed the significance of Bitcoinâs recent price dip by comparing it to past bull cycles, which also experienced significant corrections.
Peter Brandt has previously predicted that Bitcoin could potentially reach as high as $150,000 during this bull cycle. This target aligns with forecasts from Fundstratâs Tom Lee. However, Brandt believes that such a high price is more likely to be achieved by August 2025 rather than this year.
Currently, Bitcoin is trading at $57,478, with bulls having reclaimed some of the lost ground. Brandtâs outlook is based on historical patterns, suggesting that the market may peak in ugust 2025.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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