Peter Brandt, a respected figure in the trading community, recently shared his insights on Bitcoin’s future price potential. Via a after on More interestingly, he suggested when Bitcoin could reach new historic price highs.
Based on his experience with market analysis, Brandt speculated that Bitcoin could reach a price level of $150,000 per BTC by October 2025, a prediction based on an in-depth analysis of Bitcoin’s price behavior around halving cycles.
When Bitcoin has a sudden and sharp drop, the market just winks at you $BTChttps://t.co/Qip2tQ5h44 pic.twitter.com/KSbGYvTFlW
— Peter Brandt (@PeterLBrandt) March 6, 2024
A Bullish Bitcoin Horizon
Brandt’s analysis, published in a document, delves into Bitcoin’s price patterns before and after the previous halvings. He suggests that, if the bull trend beyond April 2024 were to mirror the pace seen since the November 2022 low, approaching the $150,000 mark could be a likely scenario.
However, Brandt cautions that the trajectory of price increases after the halving has historically been “steeper” than before the halving. Brandt noted:
If the pace of the bull trend after April 2024 is at the same pace as the bull trend since the November 2022 low, then the high in October 2025 could be around $150,000. However, post-halving progress during previous bull cycles was much steeper than pre-halving progress.
Brandt’s predictions aside, bullish sentiment on Bitcoin’s price is gaining momentum among several market analysts. Insights from Deribit and analytics firm GenesisVol suggest a potential rise of as much as 20.8% in Bitcoin’s price over the next month.
These analyzes suggest the possibility of Bitcoin crossing the $80,000 threshold, while more cautious forecasts still expect it to break above $70,000.
This optimism follows a period of remarkable performance for Bitcoin. So far, Bitcoin has seen a small decline of 0.5% over the past 24 hours after falling drastically from the newly established ATH of $69,328.
However, despite this decline, the asset has risen almost 10% over the past week, keeping the market cap above the $1 trillion mark.
Market corrections: a natural part of the crypto journey
Commenting on BTC’s dramatic decline following the creation of a new ATH, Alex Thorn, head of research at Galaxy Digital, provided insights, highlighting that market corrections are common even within bull markets.
Thorn also highlighted the potential benefits of market consolidation after significant gains, suggesting that a pullback could be beneficial to Bitcoin’s long-term health.
by my count, #bitcoin had 13 corrections of 10% or more between March 13. 12 covid-low ($3858) and April 2020. 14 ATH 2021 ($64,899) pic.twitter.com/SovuXHzS5p
— Alex Thorn (@intangiblecoins) March 5, 2024
Featured image from Unsplash, chart from TradingView
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