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Trading legend Peter Brandt has injected some optimism into the embattled Bitcoin community with his latest chart.
Brandt's new chart shows that the largest cryptocurrency could still be on track to pull off another parabolic advance despite the recent bearishness.
Bitcoin could be on course to reach a peak at roughly $150,000 in late 2025, according to the famous commodity trader.
Prominent Bitcoin analyst Tuur Demeester believes that such a scenario is plausible.
The latest chart is consistent with Brandt's earlier prediction about Bitcoin peaking at the aforementioned $150,000 during the ongoing bullish cycle.
Dan BurginBitcoin recently succumbed to bearishness, with its price collapsing to the $52,000 level on Sept. 6. It has since managed to regain some ground, surging to as high as $58,070 on the Bitstamp exchange on Aug. 9.
As reported by U.Today, Brandt recently warned the community about several worrying signs for Bitcoin bulls. He pointed to a series of lower highs and lower lows among other things.
Following the cryptocurrency's plunge earlier this month, the "Fear and Greed" sentiment indicator plunged into "extreme fear" territory once again.
Now, however, market sentiment is gradually improving, with Bitcoin (BTC) seemingly being poised to reclaim the $60,000 level. Unsurprisingly, many analysts are dusting off their bullish Bitcoin price predictions.
With that being said, bulls still have some work to do in order to turn this September green. The largest cryptocurrency is still down 3.5% since the start of the month.
It is worth noting that Brandt has rejected the idea that Bitcoin might in the process of forming the bullish inversed head-and-shoulders pattern. However, he did not rule out that there could be other chart reasons for optimism.
Yuri Molchan
Arman Shirinyan