Bitcoin’s price recently jumped above $96,000, a strong sign it might keep climbing. This breakout is significant because it passed a major resistance zone between $93,000 and $95,000. Many experts believe this zone was key to whether Bitcoin would hit six figures.
Peter Brandt’s $150,000 Bitcoin Prediction
Veteran trader Peter Brandt predicts Bitcoin will reach new highs, possibly exceeding $150,000 by late summer 2025. He shared a chart showing a path to this price, highlighting a parabolic trendline. This trendline has acted as resistance for Bitcoin’s price peaks since 2021.
Brandt’s chart uses classic technical analysis patterns like head and shoulders and triangles. He sees the recent breakout from a wedge pattern as confirmation that the bull market is still strong. He believes Bitcoin needs to break through the $120,000 mark to reach a cycle top between $125,000 and $150,000.
On-Chain Data: Pressure Points Around $93,000 – $95,000
On-chain data shows Bitcoin is testing two key resistance levels: the 111-day moving average (around $91,300) and the short-term holder cost basis (around $93,200).
Bitcoin’s price has made a higher high compared to its early May peak of $94,000, breaking a downtrend from April. This suggests a shift towards more buying. However, this price range also represents a lot of coins bought earlier at a loss. Some investors might sell to break even, creating downward pressure.
Long-term holders, though, are holding strong, with many seeing profits over 350%. Over 254,000 BTC have been held for over 155 days since the recent low, showing a significant portion of the supply is becoming long-term holdings. Many of these were bought above $95,000.
The $93,000 – $95,000 Battleground
While the current momentum is bullish, the $93,000 to $95,000 range is crucial. It will likely determine Bitcoin’s path towards Brandt’s $150,000 target. At the time of writing, Bitcoin is trading at $96,635.
