Stock market today: Dow in fresh record close as Powell signals rate cut incoming
U.Today - Savvy commodity trader Peter L. Brandt, who has been in the trading business for approximately 50 years, has published a Bitcoin chart, sharing his prediction regarding the possible bullish move that BTC may undertake a few months from now.
Brandt believes that Bitcoin can reach the six-digit level by autumn. However, the forecast is not entirely bullish. In his tweet, Brandt tagged another famous trader and crypto podcaster, Scott Melker.
Bitcoin may hit at least $125,000, but here’s the catch
In his tweet, Peter Brandt analyzes a Bitcoin price chart with a parabolic arc pattern shown on it. This pattern frequently signals quick price changes, which are also often followed by impressive corrections. A similar scenario played out in 2017, when BTC soared to an all-time high of $20,000 and then rebounded. In 2021, Bitcoin also followed this pattern, when hitting a new historic peak of $69,000.Now, Brandt suggests that if Bitcoin manages to regain the broken parabolic slope, it has high odds of reaching at least $125,000 by August/September this year or even going higher, toward the $150,000 level. The important thing here, the trader warns, is that if this scenario plays out, it is likely to be followed by a 50% price correction.
Brandt did not add any particular message for Scott Melker, apart from the tag. It could be a response to one of Melker’s tweets that contained a Bitcoin price prediction.
Bitcoin regains $96,000 today
Meanwhile, today, Bitcoin has printed a 2.75% increase, rising to touch the $96,700 level. After a small rebound that followed, the bellwether cryptocurrency has again recaptured $96,000.White House Senior Adviser Kevin Hassett is expected to announce news on trade tariffs. The Bitcoin price is climbing as the market perhaps expects a positive decision, such as another delay or a reduction of those tariffs.