In spite of the bitcoin Decline Below the $70,000 price mark, one crypto analyst still maintains a bullish outlook for the pioneering cryptocurrency, predicting that the price of bitcoin could peak soon.
Analyst Says bitcoin's High Is $150,000
On June 2, crypto analyst Peter Brandt published a bitcoin-bull-market-cycles/” rel=”nofollow”>blog post predicting The peak of bitcoin in the current bullish cycle. According to Brandt, the price of bitcoin is expected to see an exponential rise between $130,000 and $150,000.
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Brandt predicts that bitcoin's peak will occur in 2025, between the end of August and the beginning of September. The analyst has based his predictions on the cryptocurrency previous halving dateshighlighting that this cyclical event tends to continually present a “near perfect symmetry within past bull market cycles.”
The bitcoin halving is a four-year cycle event that reduces mining rewards by half, thereby reducing supply and potentially increasing the price due to the increased scarcity and increased demand for the cryptocurrency.
Brandt has suggested a possible correlation
between bitcoin bull runs in the past with the start of its halving cycle, emphasizing that after each year of halving, bitcoin has witnessed a rise to new all-time highs. More specifically, he noted that the number of weeks since The bottom of the bitcoin market until the halving dates had almost the same duration as the halving dates until the next bull market peak.
In his blog post, Brandt shared a price chart showing bitcoin price movements from 2010 to 2025, highlighting the cryptocurrency. past performances after halving events. The crypto analyst emphasized that after the halving event in 2012 and 2016, bitcoin witnessed a major bull run that took its price to new all-time highs.
the most notable bullish cycle was seen in 2021, which came after the May 2020 halving event, with the price of bitcoin rising to a previous all-time high of around $69,044. Based on this recurring pattern, Brandt's optimistic prediction foresees that bitcoin could reach $150,000 in the future. next bull market.
25% Chance bitcoin Has Topped This Cycle
Expressing his bullish outlook for bitcoin, Brandt also revealed a more pessimistic assessment of bitcoin-price-left-danger-zone/” rel=”nofollow”>the future price of the cryptocurrency. The analyst has placed a 25% probability that bitcoin has led this bull market cycle.
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This assessment is based on bitcoin's massive rally earlier this year, fueled by the approval and launch of bitcoin-over-1b-inflows-fuel-etf-rally/” rel=”nofollow”>bitcoin Spot ETF. In March 2024, the price of bitcoin surpassed its previous 2021 high, surpassing $73,000 and officially marking a new all-time high.
Following historical trends, bitcoin usually witnesses a bullish rally to new all-time highs after its halving event. However, contrary to regulations, the cryptocurrency saw a spike above $73,000 before its halving event on April 20.
Brandt has revealed that if bitcoin fails to reach a new all-time high after its halving, he expects a price drop towards $55,000. The analyst predicts that a drop below $55,000 will increase the likelihood of an “exponential drop,” implying a long-term downtrend for the cryptocurrency.
