#Bitcoin ($BTC) Has Potential to Hit $150,000 in Two Years, Says Analyst Who Called Previous 86% Drawdown
A top cryptocurrency analyst that has gained a large following on social media after accurately in January 2018 bitcoin’s 84% decline throughout that year, from over $19,000 to a little over $3,000 in a year-long bear market, has suggested through two charts that there’s potential for Bitcoin ($BTC) to hit $150,000 by 2025.
Peter Brandt, who is one of the world’s most respected classical chartists, has shared charts on the microblogging platform Twitter with his nearly 700,000 followers that suggested $BTC is making an inverse head and shoulders pattern, which could push $BTC to $30,000 by the second quarter of this year.
An inverse head and shoulders pattern is the opposite of the standard head and shoulders pattern. It is used to predict the reversal of downtrends. The pattern is identified when the price of a security reaches a low point, rises, falls again below the previous low point, then rises again, and finally falls a third time but not as low as the second trough.
After the third trough, the price moves upward towards the resistance level at the top of the previous troughs, according to Investopedia. Brandt’s inverse head and shoulders chart was accompanied by a longer-term outlook chart, which showed $BTC potentially moving to $150,000 by 2025.
Any idiot can make wild guesses about markets, so here is my dunce-hat prediction. In reality, nobody has a clue what any given market will do. $BTC pic.twitter.com/bpP2ThjnZK
— Peter Brandt (@PeterLBrandt) January 15, 2023
Before hitting that level, the cryptocurrency would hit $70,000 and reserve to correct back down to $33,000, ahead of a major rally that would help the flagship cryptocurrency surpass six digits per coin.
Brandt noted, however, that “any idiot can make wild guesses about markets” and that in reality “nobody has a clue what any given market will do.”
As CryptoGlobe reported, BTC whales started to “take interest” in the flagship cryptocurrency’s price movements earlier this month after it surpassed the $19,000 mark for the first time since November 2022. Bitcoin transactions worth $1 million or more have started to rebound to levels last seen in November 2022 to average over 1,700 per day, moving up along with the cryptocurrency’s price.
Notably, various other analysts are bullish on BTC. Some predictions, including from former Goldman Sachs executive Raoul Pal and from an Ark Invest analyst, point to a $1 million price tag in the future.