Bitcoin Could Reach $130K to $150K, Says Peter Brandt

Published by

Zameer Attar

November 7, 2024

Bitcoin (BTC), the world’s largest cryptocurrency by market cap has gained notable attention from crypto enthusiasts following its impressive performance over the past 24 hours.

Peter Brandt’s Bitcoin Prediction

Amid this ongoing rally and bullish market sentiment, veteran trader Peter Brandt made a post on X (previously Twitter) predicting that BTC could reach the $130,000 to $150,000 range by August or September 2025.

Additionally, he noted that BTC is in a range from which it will experience a notable upside rally. In a post on X, Peter added, “Bitcoin $BTC is now in the sweet spot of the bull market halving cycle that should top in the $130k to $150K range next Aug/Sep.”

The potential reason for this bullish momentum and price surge is the U.S. presidential election results and the pro-crypto and President Donald Trump.

Current Price Momentum

As of now, Bitcoin is trading near $75,800 and has experienced a price surge of over 10% in the past 24 hours. During the same period, its trading volume jumped by 160%, indicating heightened participation from traders and investors amid bullish market sentiment.

Bitcoin Technical Analysis and Upcoming Level

According to the expert technical analysis, BTC has broken out from a crucial resistance level at $73,935 and is about close to a daily candle above the $75,600 level. Following this breakout and the daily candle closing above the resistance level, BTC has turned bullish and is poised for a significant upside rally in the coming level.

Based on recent price action and historical momentum, if BTC closes a daily candle above $75,600, there is a strong possibility it could surge further in the coming days.

Bullish On-Chain Metrics

On-chain metrics further support BTC’s bullish outlook. According to the on-chain analytics firm Coinglass, BTC’s Long/Short ratio currently stands at 1.03, indicating a strong bullish sentiment among traders. Additionally, open interest has increased by 15%, reflecting growing trader interest and the formation of new positions.

Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.