Key Points
- Bitcoin is trading above $69k, amidst optimistic price predictions.
- Peter Brandt and research firm Fundstrat Global Advisors see BTC reaching up to $150k this bull cycle.
Bitcoin is trading above the important level of $69,000 at the beginning of this week. The coin is up by 2% in the past 24 hours.
- Zoom
- Type
Legendary trader Peter Brandt and research firm Fundstrat Global Advisors see the coin reaching up to $150,000 during this bull cycle.
Peter Brandt addresses “the beautiful symmetry of past Bitcoin bull market cycles”
In a new blog post, legendary trader Peter Brandt is addressing what he calls the beautiful symmetry of past Bitcoin bull market cycles.
He began his post by highlighting that Bitcoin halvings are the dates when the mining rewards are but in half from the previous halving cycles. He notes that the halving dates have also represented “almost perfect symmetry” with the past bull market cycles.
Brandt says that the number of weeks from the start of each bull market cycle to the halving dates has been almost equal to the number of weeks from the halving dates to the subsequent bull market highs.
He also shared a chart in his blog post to support the idea mentioned above:
Brandt also noted that if the sequence continues, the next bull market cycle high should occur in late August or early September 2025.
Regarding how high BTC could go during this bull cycle, Brandt highlighted that there’s no method of analysis that’s fool-proof, but it should be noted that the highs of past bull markets are lining well against an inverted parabolic curve.
He notes that if this tendency should continue, the high of this current bull market cycle could be around $130,000-$150,000. The X on the chart above marks the probably high date and price level as well.
However, he places a 25% probability that Bitcoin’s price has topped for this cycle.
Fundstrat Global Advisors sees BTC reaching $150k in 2024
Bitcoin‘s price has seen consolidation below the March highs for almost three months.
Although some analysts warned that the price of the coin could remain rangebound for weeks, there are still optimistic price predictions regarding the coin.
One of them comes from research firm Fundstrat Global Advisors which sees BTC being able to reach $150k this year.
The consensus among important market observers is that the most “parabolic” phase of this current bull cycle has not begun yet.
Recently, we also reported that Bitcoin seems to be giving the same vibes as mid-2020, suggesting upcoming moves upwards.
