Prominent trader Peter Brandt has predicted that the Bitcoin price could potentially reach a whopping $150,000 during the ongoing bullish cycle.
Brandt has noted that the highs of Bitcoin's previous two cycles line up well against an inverted parabolic curve. He expects the flagship cryptocurrency to hit the aforementioned price target if this tendency continues.
Alex DovbnyaAt the same time, Brandt has warned that his method of analysis is not "fool-proof," which is why traders should exercise caution.
Brandt has also warned that there is a 25% probability that the leading cryptocurrency has already reached the apex of this cycle. "Should Bitcoin fail to make a decisive new ATH and decline below $55,000 I will raise the probability of the Exponential Decay," Brandt added.
At press time, Bitcoin is trading at $67,528 after dropping a mere 0.2% over the past 24 hours.
The leading cryptocurrency is down more than 8% from its current all-time high of $73,737.
2017 parallels
According to a recent post by cryptocurrency trader Jake Wujastyk, Bitcoin's current price action is eerily similar to early 2017. He suggested that there could be much more upside potential.
As reported by U.Today, permabull Tom Lee stated that the price of the leading cryptocurrency could potentially surge to as high as $150,000 this year.
In 2025, the leading cryptocurrency could end up surpassing $250,000.
Arman Shirinyan
Vladislav Sopov
Dan Burgin
U.Today Editorial Team