In the last week, bitcoin has shown a lot of resistance by bouncing above the $60,000 zone after a significant drop below the $57,000 price zone. As bitcoin bulls gain momentum to possibly start the cryptocurrency bull run, top analyst and market expert Peter Brandt has backed btc to reach a particular six-figure value by 2025.
No other market like bitcoin, says Brandt
In a May 3 blog post, Peter Brandt shared some thoughts on bitcoin in celebration of its 50th anniversary in futures market trading. The veteran analyst described his experience with the inaugural cryptocurrency as a “once-in-a-lifetime deal, never equaled.”
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bitcoin: the trade of your life
There has never been nor will there ever be another asset like bitcoin twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$btc
Here is the perspective of my 50 year career as a professional trader.https://t.co/fyHrGRRHLo pic.twitter.com/dwrBwtknqP
—Peter Brandt (@PeterLBrandt) twitter.com/PeterLBrandt/status/1786474327199887437?ref_src=twsrc%5Etfw” rel=”nofollow”>May 3, 2024
Brandt claims that bitcoin is a unique asset compared to commodities such as gold, cattle, iron ore, copper, and even other cryptocurrencies such as altcoins and meme coins. He claims that btc owes this uniqueness to its operational nature as well as its price behavior.
Analyzing btc's price history, Brandt notes that the coin has repeatedly produced exponential gains in the past that have not been seen with any other trading asset. And while these gains are followed by significant corrections, the overall price performance sets btc apart from other assets.
Another aspect of bitcoin's uniqueness, as highlighted by Brandt, is that the asset's volatility is also evident in its declines, resulting in a drop of over 50% and even 75%. Therefore, bitcoin exerts a special ability to generate substantial profits and at the same time cause significant losses.
Now, following the parabolic nature of the btc price, Brandt predicts that the asset is on track to reach $150,000 by 2025. Interestingly, if the bulls maintain control of the market, the analyst believes bitcoin could rise as high as $300,000 beyond that. of 2026.
btc Price Overview
At the time of writing, bitcoin bitcoin/” target=”_blank” rel=”nofollow”>trade winds to $63,303 after having encountered serious resistance at the $64,000 price zone. The inaugural cryptocurrency currently appears to be consolidating and could be preparing for another potential breakout.
If bitcoin embarks on a bull run, investors would expect to return to its all-time high value of $73,750. However, in case there is more selling pressure in the future, btc could fall back below $60,000. However, bitcoin remains the diamond of the cryptocurrency bull season with several analysts touting the digital asset to trade above $100,000 in the next 12 to 15 months.
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x/yulYMLRn/" alt="bitcoin" width="1479" height="893" loading="lazy"/>btc trading at $63,405 on the daily chart | Source: BTCUSDT chart on Tradingview.com
Featured image from iStockphotos, chart from Tradingview
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