Bitcoin (BTC) Price Will Continue to Rise, New All-Time High Is "Technically Insignificant"

Veteran analyst Peter Brandt suggested in a May 21 tweet that the euphoria is still early. He branded the new all-time high “technically insignificant,” arguing it is typical in a bull market.

Veteran analyst Peter Brandt continues to be Long on Bitcoin despite the recent all-time high.

Bitcoin attains a new all-time high today. Extending its gains, the premier cryptocurrency reached a new all-time high of nearly $112,000. The uptick saw the premier asset finally breach the $110,000, spurring ambition and enthusiasm among market users.

However, veteran analyst Peter Brandt suggested that the euphoria is still early. Branding the new all-time high as “technically insignificant,” he argued it is typical in a bull market.

suggesting it typical in a bull market.

Brandt Long on Bitcoin

Congratulating enthusiasts on the new milestone, he was quick to add that the ecstasy would continue at least for the foreseeable future.

He revealed he is bullish on the pioneering cryptocurrency and expects more price discovery. Specifically, the veteran trader predicted that Bitcoin would peak between $125,000 and $150,000, about 12.5% and 34.7% away from its current prices.

Recall that the market veteran earlier suggested in April that Bitcoin’s bull season might be over and the asset would end the year somewhere around $84,000.

However, he flipped bullish when the flagship cryptocurrency broke from a descending trendline in late April, setting his cycle target at $150,000. He cited historical price patterns and bullish technical setups as catalysts for his new price expectations.

In today’s analysis, Brandt shared a chart showing that Bitcoin’s recent rally follows its break from a bull flag on the weekly chart. He believes this momentum and sustained trend above a parabolic ascending support line will push BTC to between $125,000 and $150,000.

Brandt Hints at Possible Timeline for Price Top

Meanwhile, the veteran trader projected possible timelines for Bitcoin’s reaching his targeted bull cycle peak. He argued that Bitcoin was on track to attain his expected price range in August.

Remarkably, the month of August seems odd considering Bitcoin’s last two cyclical tops. For perspective, the leading cryptocurrency peaked at $19,804 in December 2017 and $69,000 in November 2021, suggesting a pattern of late-year tops.

Notably, Brandt shared in an earlier analysis that the timeline could extend to September. This means he expects Bitcoin to rally up to 34% between now and the next three to four months.

Is $150,000 Conservative?

Interestingly, Brandt’s target falls within the lower range of other analytical forecasts for the largest cryptocurrency by market cap.

For context, VanEck predicted that Bitcoin would hit $180,000 this cycle, while Standard Chartered and Bernstein analysts suggested a bigger upside to $200,000.

However, more ambitious targets, such as Sina’s $285,000 and Changpeng Zhao’s $500,000 to $1 million, also exist. In the meantime, Bitcoin trades at $111,357.