Peter Brandt, one of the most prominent commodity traders, has predicted that the Bitcoin price is going to peak at $150,000 around next August.
According to the chartist, the leading cryptocurrency is currently in the "sweet spot" of the bull market cycle.
As noted by Brandt, he tends to measure halving cycles differently compared to other traders.
Earlier, the commodity trader noted that the halving dates tend to represent "almost perfect" symmetry within the previous market cycles.
Remarkably, the number of weeks from the bottom of the bear market to a halving event is "almost equal" to the number of weeks from the block reward to the peak of a bull cycle.
Based on this theory, Brandt believes that the cryptocurrency is going to reach the peak of the current cycle in 2025.
Earlier, he argued that the largest cryptocurrency had to reach a new peak in order to avoid "exponential decay."
Bitcoin finally surged above its previous all-time high on Nov. 6. As reported by U.Today, it briefly surged above the $76,000 level, reaching a new lifetime peak of $76,243.
According to chartist Josh Olszewicz, the price of Bitcoin should easily reach $80,000 within a month. Even though there is a bullish divergence on the one-hour chart, it should be easily canceled with a new record high.
The largest cryptocurrency is currently changing hands at $74,889 after giving up some gains. It is up by nearly 4% over the past week.
Spot Bitcoin ETFs recorded strong inflows of $622 million as well as record-breaking trading volumes.
Arman Shirinyan
U.Today Editorial Team
Vladislav Sopov
Dan Burgin