A top cryptocurrency analyst who garnered a significant social media following after correctly forecasting bitcoin’s 84% drop throughout the year, from over $19,000 to just over $3,000 in a year-long bear market, has predicted through two charts that Bitcoin ($BTC) may reach $150,000 by 2025.
Peter Brandt, one of the world’s most recognised classical chartists, released charts with his nearly 700,000 Twitter followers that suggested $BTC is forming an inverse head and shoulders pattern, which might take $BTC above $30,000 by the second quarter of this year.
The antithesis of the regular head and shoulders pattern is an inverse head and shoulders pattern. It is used to forecast downtrend reversals. When the price of a security reaches a low point, rises, falls below the previous low point, then rises again, and eventually falls a third time but not as low as the second trough, the pattern is defined.
After the third dip, the price swings higher towards the resistance level near the top of the prior troughs, according to Investopedia. Brandt’s inverse head and shoulders chart was followed by a longer-term view graphic that indicated $BTC may reach $150,000 by 2025.
Before reaching that level, the cryptocurrency would reach $70,000 and then correct back down to $33,000, setting the stage for a huge rally that would enable the flagship cryptocurrency cross six figures per coin.
However, Brandt pointed out that “any idiot may make wild estimates about markets” and that “nobody knows what any specific market will do.”
BTC whales began to “take interest” in the flagship cryptocurrency’s price swings earlier this month, according to CryptoGlobe, as it crossed the $19,000 mark for the first time since November 2022. Bitcoin transactions worth $1 million or more have begun to resume to levels last seen in November 2022, averaging over 1,700 per day as the cryptocurrency’s price rises.
Notably, a number of other analysts are bullish on Bitcoin. Some forecasts, such as those made by former Goldman Sachs executive Raoul Pal and an Ark Invest analyst, foresee a $1 million price tag in the future.
