Veteran trader and chartist Peter Brandt has identified a “major buy signal” in bitcoin, predicting substantial potential gains. Sharing his insights on social media platform X on Monday, Brandt wrote, “Major buy signal over the weekend in bitcoin $BTC,” indicating his optimism about BTC’s upward trajectory.
Brandt often shares his bitcoin price analysis. On Sunday, he shared a scenario where BTC could hit $125K by the New Year. This projection is based on a Bayesian probability model analyzing bitcoin’s price activity from January to March 2024.
He also recently noted that bitcoin’s position in its “sweet spot” within the halving cycle is a historically strong indicator of price growth. Before his latest analysis, Brandt suggested that BTC could reach between $130,000 and $150,000 by late 2025 if current bullish conditions persist. However, he also acknowledged a 25% chance that bitcoin may have already peaked in this cycle.
On Monday, bitcoin’s price tapped an all-time high of $84,995, raising its market cap to $1.68 trillion — a gain of over 7% against the U.S. dollar from the previous day. This surge has sparked renewed interest among traders, investors, and analysts, with some attributing the rise to increasing institutional interest, while others cite macroeconomic factors like inflation concerns and a weakening dollar. Additionally, retail investor participation is thought to be contributing to the momentum. Singapore-based QCP Capital has cautioned about potential volatility, noting that the current low market volatility for bitcoin is due to extensive profit-taking on long call options. This profit-taking has enabled traders to secure gains, which has tempered upward price momentum and kept volatility in check.
Other analysts share Brandt’s optimistic outlook. Financial firm Vaneck projects a long-term high of $3 million if bitcoin gains global reserve asset status, while Bernstein sees potential for prices to hit $200,000 in the next few years. JPMorgan is also optimistic, stating, “We are positive on bitcoin into 2025.”
