Despite the recent dip below $70,000, crypto analyst Peter Brandt remains bullish on Bitcoin. He predicts that the cryptocurrency could surge to $150,000 by 2025.
Bitcoin’s Halving Cycle
Brandt’s prediction is based on Bitcoin’s halving cycle. Every four years, the rewards for mining Bitcoin are cut in half, reducing supply and potentially increasing demand.
Past Performance
Brandt points to past halving events that have been followed by significant bull runs. For example, after the 2012 and 2016 halvings, Bitcoin’s price surged to new highs.
2021 Bull Run
The most recent bull run in 2021 followed the halving in May 2020, with Bitcoin reaching an all-time high of $69,044. Brandt believes a similar pattern could play out in the next bull market.
Cautious Optimism
While Brandt is optimistic about Bitcoin’s long-term prospects, he also acknowledges a 25% chance that the cryptocurrency has already peaked in this cycle.
Possible Price Decline
If Bitcoin fails to reach a new all-time high after the next halving, Brandt predicts a decline towards $55,000. A drop below this level could indicate a long-term downward trend.
