Despite the Bitcoin decline below the $70,000 price mark, a crypto analyst still maintains an optimistic outlook for the pioneer cryptocurrency, predicting that the price of Bitcoin could reach its top soon.
Analyst Says Bitcoin’s Top Is $150,000
On June 2, crypto analyst, Peter Brandt released a blog post predicting Bitcoin’s top in the current bull cycle. According to Brandt, the price of Bitcoin is expected to witness an exponential surge between the range of $130,000 to $150,000.
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Brandt foresees Bitcoin’s peak to occur in 2025 between late August and early September. The analyst has based his predictions on the cryptocurrency’s previous halving dates, highlighting that this cyclical event tends to continually present an “almost perfect symmetry within past bull market cycles.”
The Bitcoin halving is a four-year cycle event which cuts mining rewards by half, thereby reducing supply and potentially driving up the price due to increased scarcity and heightened demand for the cryptocurrency.
Brandt has suggested a possible correlation
between Bitcoin’s bull runs in the past with the onset of its halving cycle, emphasizing that following each halving year, Bitcoin has witnessed a surge to new all-time highs. More specifically, he pointed out that the number of weeks from Bitcoin’s market bottom to the halving dates was nearly the same duration as the halving dates to the next bull market peak.
In his blog post, Brandt shared a price chart depicting Bitcoin’s price movements from 2010 to 2025, highlighting the cryptocurrency’s past performances after the halving events. The crypto analyst emphasized that after the halving event in 2012, and 2016, Bitcoin witnessed a significant bull run which pushed its price to new all-time highs.
The most notable bull cycle was seen in 2021 which came after the May 2020 halving event, with Bitcoin’s price surging to a previous all-time high of around $69,044. Based on this recurring pattern, Brandt’s optimistic prediction sees Bitcoin potentially reaching as high as $150,000 in the next bull market.
25% Probability That Bitcoin Has Topped For This Cycle
While expressing his bullish outlook for Bitcoin, Brandt also disclosed a more pessimistic assessment of the cryptocurrency’s future price. The analyst has placed a 25% probability that Bitcoin has topped this bull market cycle.
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This assessment is based on Bitcoin’s massive rally earlier this year, spurred on by the approval and launch of Spot Bitcoin ETFs. In March 2024, the price of Bitcoin surpassed its previous 2021 high, exceeding $73,000 and officially marking a new all-time high.
Following historical trends, Bitcoin typically witnesses a bull rally to new all-time highs after its halving event. However, against the norms, the cryptocurrency experienced a peak above $73,000 before its halving event on April 20.
Brandt has disclosed that if Bitcoin fails to reach a new all-time high after its halving event, he expects a price decline towards $55,000. The analyst predicts that a drop below $55,000 will raise the probability of “Exponential Decay,” implying a long-term downward trend for the cryptocurrency.
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- Source: https://www.newsbtc.com/news/bitcoin/bitcoin-rise-150-from-here/
