Legendary trader Peter Brandt has predicted when the Bitcoin price might peak
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Bitcoin could be on course to reach a peak at roughly $150,000 in late 2025, according to the famous commodity trader. The latest chart is consistent with Brandt's earlier prediction about Bitcoin peaking at the aforementioned $150,000 during the ongoing bullish cycle. Bitcoin 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.
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 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. 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.
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