Veteran trader Peter Brandt has suggested that Bitcoin could be poised for a parabolic rally, targeting a price between $100,000 and $130,000. Brandt, known for his accurate market predictions, points to historical patterns in Bitcoin’s price movements, particularly parabolic advances that typically precede significant price surges. He believes the recent pullback is part of a broader bullish trend. Bitcoin, currently trading at around $56,400, could soon see upward momentum, particularly as traders monitor macroeconomic factors and regulatory developments, making Brandt’s forecast highly anticipated.
History Repeating itself?
Veteran trader Peter Brandt has outlined a bullish outlook for Bitcoin, predicting a major price surge if the cryptocurrency follows its current parabolic pattern. Sharing his analysis with his 737,800 followers on X, Brandt highlighted a potential cup-and-handle formation, which is a classic bullish continuation pattern. This suggests that Bitcoin, after a period of consolidation, could be poised for a major breakout to new highs.
Brandt’s analysis shows $73,734 as the critical resistance level to watch. If Bitcoin manages to break through this key threshold, he believes the cryptocurrency could enter a parabolic rally, sending its price soaring to over $150,000 sometime in 2025. Such a move would represent an impressive 160% gain from Bitcoin’s current price of $57,652.
The cup-and-handle formation is widely viewed as a sign of market consolidation followed by a bullish move. The “cup” forms after a strong rally, during which prices fall and rise back to near previous highs. The “handle” appears as the asset trades in a more narrow range before breaking out to the upside.
Possible Pullback?
However, Brandt has also issued a note of caution. He warned that if Bitcoin bulls fail to sustain momentum, the cryptocurrency could witness a pullback. Specifically, Brandt noted that Bitcoin might drop below $50,000, possibly testing the $46,000 support level, before any significant upward move. This would occur if selling pressure continues to outweigh buying, particularly within the inverted expanding triangle pattern he highlighted.
Ultimately, Brandt’s forecast offers an optimistic outlook for Bitcoin, but with the caveat that market conditions remain fragile and could lead to further corrections before the anticipated rally. Traders are advised to watch key support and resistance levels closely in the coming months.
