Bitcoin, the largest cryptocurrency asset by market cap, suddenly took off on Monday, reaching the $57,000 price mark for the first time in the last 26 months, prompting several predictions of a new all-time high before the end of 2025.
Bitcoin Could Hit $200,000 Before 2025 Closes
Amid the recent market surge, cryptocurrency analyst and Chief Executive Officer(CEO) of Factor LLC, Peter Brandt, has expressed his optimism towards Bitcoin, while sharing an intriguing prediction with the crypto community on the social media platform X (formerly Twitter).
Peter Brandt’s analysis delves into Bitcoin’s recent price action and how high the crypto asset could go before 2025 closes. With BTC’s current bull market cycle, Brandt has set an ambitious goal of $200,000 next year.
A breakthrough above the upper boundary 15-month channel | Source: Peter Brandt on X
Brandt’s initial Bitcoin price target for 2025 was $120,000, but with the recent rally, he has placed his mark at the aforementioned price. His modifications came in light of BTC exhibiting a bullish trend, surpassing the “upper boundary of the 15-month channel.”
Furthermore, he highlighted that the current market bull cycle might “end in August or September 2025” if this bullish trend continues. However, according to him, this interpretation will be void if there is a Bitcoin “close below last week’s low.”
The post read:
With the thrust above the upper boundary of the 15-month channel, the target for the current bull market cycle scheduled to end in August or September 2025 is being raised from $120,000 to $200,000. A close below last week’s low will nullify this interpretation.
The analyst’s daring predictions have since caused quite a stir within the crypto space. Several community members have expressed their pleasure in the crypto expert’s analysis.
A pseudonymous X user commented on Brandt’s forecast, saying his overview shares “fascinating insights into Bitcoin’s market projection.” They asserted that “the upward momentum breaking through barriers is indeed intriguing.”
Additionally, they also believe that a close below last week’s low would change Brandt’s narrative, which will highlight the fragile balance in the cryptocurrency space.
Factors That Could Be Responsible For BTC’s Rally
BTC’s current rally is believed to be buttressed by several developments that have garnered attention in the crypto market today. These include increased demand from investors through Exchange-Traded Funds (ETFs) and additional BTC purchases by Microstrategy.
It is noteworthy that since the start of the year, investors’ demands through ETFs have served as a major support for BTC. On January 11, the United States Securities and Exchange Commission (SEC) approved 11 Bitcoin spot ETFs, which has triggered confidence ever since.
Meanwhile, Michael Saylor’s Microstrategy made an additional 3,000 BTC purchase, valued at $155 million before the uptick. This development suggests institutional interest in BTC, indicating confidence in its long-term potential.
Over the past day, the price of Bitcoin has increased by more than 9%, and it is presently trading at $56,321. Its market cap is up by 9% and its trading volume is up by over 235% in the last 24 hours.
BTC trading at $56,624 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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Author: Godspower Owie
