Bitcoin price remained in a tight range on Wednesday as traders waited for the upcoming Federal Reserve minutes and the US inflation data. It was trading at $62,000, where it has been stuck at in the past few days.
Peter Brandt’s BTC forecast
In an X post, Peter Brandt, a well-known trader with over 741k followers on X, predicted that the coin will jump to $135,000 by September 2025. Such a move implies a 120% increase from the current level.
In making the case for Bitcoin, he argued that Bitcoin always experiences a big move after halving, a period when the block rewards are slashed by half.
He also noted that the period since March this year was an insignificant pause as part of a prolonged trend.
Other crypto analysts are bullish on the coin. In a statement, Ki Young Ju, the founder and CEO of CryptoQuant, noted that most ancient Bitcoin whales have continued holding their coins this year. Some of the most notable whales who have not sold their coins are companies like Coinbase, Tesla, and Block, previously known as Square.
Meanwhile, Michael van de Poppe, another top crypto analyst with over 700k followers, said that Bitcoin has spent months in a consolidation phase. His theory is that these periods of consolidations often result to a major breakout.
Bitcoin price cup and handle pattern
Technically, the monthly chart shows that Bitcoin has formed a highly bullish chart pattern known as a cup and handle. This pattern is characterized by a rounded pattern followed by a prolonged period of consolidation.
The challenge is that the pattern takes months or even years to form. In Bitcoin’s case, the cup part started forming in November 2021 when it peaked at $69,000. It then retested that level this year, and has been forming the handle section ever since.
Gold, which has jumped to a record high this year, was forming a C&H pattern for over a decade.
Therefore, a break above the upper side of the cup at $69,000 and the all-time high of $73,800 will validate the C&P pattern and lead to more gains.
Read more: Bitcoin Price Could Have A ‘Massive Breakout’ – Crypto Analyst
