If Bitcoin fails to break its all-time high and falls below $55,000, Brandt warns of a potentially more bearish scenario – “exponential decay”.
By Bena Ilyas
Edited by Julia Sakovich
Updated
3 mins read
Bitcoin (BTC) bulls are optimistic, with analysts predicting a potential price surge to the $130,000 to $150,000 range by September 2025. Based on the historical pattern, Bitcoin’s price often rises significantly after a halving event, supporting the current bullish sentiment in the market. Veteran crypto trader Peter Brandt believes the recent April 2024 Bitcoin halving, which cut mining rewards in half, could be the catalyst for another major price rally.
Photo: Peter Brandt / TradingView
In a June 2 report, Brandt argues that past halvings have served as a central point around which bull markets form. “Halving dates have represented almost perfect symmetry within past bull market cycles,” Brandt wrote.
Brandt’s analysis suggests that the current bull market began in December 2022, roughly 16 months before the halving. This aligns with historical trends, as the previous bull run started approximately 16 months before the May 11, 2020, halving.
Brandt acknowledges the inherent limitations of technical analysis. “No method of analysis is fool-proof” when it comes to predicting Bitcoin’s peak, he concedes. However, he finds support for his $130,000 to $150,000 target in the similar growth patterns observed during past bull runs.
Since December 2022, Bitcoin has indeed seen impressive gains, rising over 311% from around $16,800 to its current price of $69,081 as of June 3, 2024. However, it’s worth noting that Bitcoin is still down from its all-time high of $73,750, reached in March 2024.
Brandt tempers his optimism with a cautionary note. He assigns a 25% probability that Bitcoin may have already peaked for this bull cycle. His reasoning stems from a concerning trend: the diminishing returns observed in each successive bull run.
If Bitcoin fails to break its all-time high and falls below $55,000, Brandt warns of a potentially more bearish scenario – “exponential decay.” This term suggests a sharp and sustained decline in price, a worrying prospect for investors.
Photo: TradingView
At the time of writing, Bitcoin is trading at $69,081, up 1.96% in the past 24 hours. Trading volume has surged to a record high of $22.58 billion, marking a 100% increase. Breaking the $70K mark is crucial for Bitcoin to reach new all-time highs or even Brandt’s predicted range of $130K-$150K.
The possibility of a $130,000 Bitcoin by September 2025 is enticing for crypto enthusiasts. However, Brandt’s analysis also highlights the inherent risks and uncertainties of predicting Bitcoin price movements.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With over 3 years of crypto writing experience, Bena strives to make crypto, blockchain, Web3, and fintech accessible to all. Beyond cryptocurrencies, Bena also enjoys reading books in her spare time.
