Veteran trader Peter Brandt believes there is a one in four chance that Bitcoin (BTC) will top $160,000 this cycle.
Brandt tells his 724,700 followers on social media platform X that he expects the current Bitcoin bull market to continue until the fourth quarter of 2025.
“Note that I assigned a probability of 25% to my analysis. I give more credence to a report I released in February. Here is a chart from that analysis – which projects a bull market until September/October 2025.”
Based on the trader’s chart, he seems to suggest that it took BTC 525 days from the November 2022 low at around $16,000 to break the $50,000 mark. Based on that number, Brandt says Bitcoin has 525 days from the $50,000 breakout to reach its $160,000 peak.
The Bitcoin price target of $160,000 seems like a conservative projection. In February, the veteran trader predicted that Bitcoin would rise as high as $200,000 by September 2025. He says the prediction remains valid as long as Bitcoin remains above $50,000.
At the time of writing, BTC is worth $63,776.
Regardless of where Bitcoin rises, Brandt highlights that we are probably well past the early days of the BTC bull market.
“My money is still on a scenario where the halving was mid-bull cycle, but I always want to make sure that caution and risk management play a key role.”
The trader too reveals that he has been holding a BTC stack for about eight years.
“A little bit of Bitcoin since 2016. Physical gold for 40 years.”
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Generated image: Midjourney