Bitcoin has surged past $96,000, breaking key resistance levels. Analyst Peter Brandt predicts a climb to $150,000 by late summer 2025, with key technical structures supporting this analysis. On-chain data indicates the $93,000 to $95,000 range is a crucial trading battleground where long-term holders are active, while existing sell-pressure could hinder progress. Current trading stands at $96,635.
In a notable twist in the cryptocurrency landscape, Bitcoin’s price has recently surged past $96,000. This movement is not just eye-catching; it signals a potential long-term shift as it breaks through an essential resistance zone, previously holding between $93,000 to $95,000. Analysts are keenly watching this zone, as it could pave the way for Bitcoin to reach six-figure prices in the near future.
Renowned trader and market analyst Peter Brandt is adding fuel to this bullish sentiment. He believes Bitcoin has a solid chance of hitting new all-time highs, with estimates that it could peak at over $150,000 come late summer of 2025. His projections are grounded in technical analysis, consistently looking at how Bitcoin’s price movement interacts with historical trend lines.
Brandt shared a weekly chart on social media, indicating a possible path towards that striking figure of $150,000. He pointed out that Bitcoin is currently below a parabolic trendline, essential for marking the last stage of this bull cycle. Historically, this trendline has indicated upper resistance, making Brandt’s observations much more compelling.
Diving deeper into his analysis, Brandt’s charts highlight various technical patterns, such as head and shoulders formations and other consolidations. He suggests that recent price actions indicate that the underlying bull market remains intact. A crucial price point on this path is around the $120,000 mark; breaking through this could set up Bitcoin for a peak rally between $125,000 and $150,000, as he anticipates by August or September 2025.
On the analytics side, firm Glassnode has reported on-chain data that shows Bitcoin’s price hovering around vital resistance levels. Presently, the 111-day simple moving average rests at $91,300, with the short-term holder cost basis at $93,200.
Interestingly, Bitcoin’s price structure has established a higher high relative to the earlier $94,000 peak in May, breaking the downward trend established since early April. This shift may suggest the market is entering a more aggressive phase of accumulation. However, the cluster of previously bought coins in this region could lead to increased selling pressure.
Notably, long-term Bitcoin holders are showing resilience, with many experiencing over 350% in realised profits. Data reveals that over 254,000 BTC have matured past the 155-day mark since the last local bottom, indicating a significant portion is transitioning into long-term investments. A lot of these coins were acquired when prices exceeded $95,000.
The current trends clearly suggest that while the bulls are gaining ground, the $93,000 to $95,000 area remains a critical battleground. This zone will play a significant role in shaping Bitcoin’s trajectory moving forward towards Brandt’s ambitious target of $150,000. As of now, Bitcoin is trading at $96,635, keeping the market on its toes.
