Peter Brandt, a highly experienced and respected figure in the world of trading and market analysis, has recently suggested that the price of the flagship cryptocurrency Bitcoin ($BTC) could explode upward to touch the $200,000 mark by August or September 2025.
In a post shared on the microblogging platform X (formerly known as Twitter) Brandt told his over 700,000 followers that with Bitcoin’s move above the upper boundary of its 15-month channel, its target for the current bull market cycle was raised from $120,000 to $200,000.
The trader cautioned, however, that a close below last week’s lows “will nullify this interpretation.”
The veteran analyst’s revision came after the price of the flagship cryptocurrency surged by over 7% over the last 24-hour period to now trade near the $57,000 mark, after moving up more than 11% over the past week.
Brandt is well-known in the cryptocurrency space for accurately calling bitcoin’s 84% decline in 2018 to less than $4,000 per coin. CryptoCompare data shows the veteran technical trader was right, as in January of that year BTC’s price started dropping from its near $20,000 high, and in December it hit a $3,200 low before it started recovering.
At the time Brandt, while speaking to Yahoo Finance, revealed it wasn’t a difficult call, as other parabolic advances have typically resulted in similar crashes that can lead to a decline of up to 90%. Brandt also predicted that if BTC fell below $3,000 during Q1 2019, it would drop to $1,200. BTC did not drop below $3,000 that year, and actually went on to recover make new highs in 2021.
His recent price revision also comes at a time in which the newly launched spot Bitcoin exchange-traded funds (ETFs) have so far seen net inflows of over $6 billion after seeing more than $520 million of net inflows over the past day, as demand for the flagship cryptocurrency seemingly keeps on growing ahead of BTC’s upcoming halving event.
Featured image via Unsplash.
