Peter Brandt just sparked some hope in the Bitcoin community with his latest market analysis, as his new chart suggests that despite the downturns, Bitcoin could still be on track for a huge price increase, even reaching around $150,000 by late 2025.
Optimistic utlook for Bitcoin
As Brandt shared, the largest cryptocurrency may be set for another parabolic rise, and this prediction aligns with the views of another well-known Bitcoin analyst Tuur Demeester, who believes that such a price target is achievable.
Brandt’s chart is consistent with his earlier forecast that Bitcoin would peak at $150,000 during the current halving cycle.
In the past weeks Bitcoin faced a strong downturn, dropping to approximately $52,000 on September 6. Since then, it has recovered somewhat, climbing to a high of $58,070.
But despite the recovery, Brandt has cautioned Bitcoin supporters about several concerning indicators, including a series of lower highs and lower lows, which could signal ongoing weakness in the market.
Following the price drop earlier this month, the Fear and Greed Index fell into the “extreme fear” range once again.
Three weeks left in September, may we optimists?
Right now, market sentiment appears to be improving a little, with Bitcoin seemingly preparing to reclaim the $60,000 mark.
As a result, many analysts are revisiting their bullish predictions for Bitcoin’s price.
Yet, it is important to remember that bulls still have challenges ahead if they want to turn September into a positive month, as Bitcoin is still down 3.5% since the beginning of it. There are chances, but they’re low.
Momentum isn’t strong enough on short term, so think long term!
Brandt also expressed skepticism about the idea that Bitcoin is forming a bullish inverse head-and-shoulders pattern, which is a technical indicator often seen as a very good sign of a potential price increase.
Still, he hasn’t completely dismissed the possibility that other chart patterns could indicate reasons for optimism, it’s just not too likely.
Now the common view it’s if Bitcoin can maintain its momentum and overcome current resistance levels, the path to reaching that $150,000 target could become way more likely in the future.
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