Crypto Daily - The Bitcoin bulls are back, but a return to $51,000 first is not off the cards. Legendary trader Peter Brandt recently published a Bitcoin chart on X calling for $150,000 $BTC. That said, $BTC is not out of the woods yet, at least in the shorter term.
Bulls and billionaires
It could be that Bitcoin has already found the bottom, or is close to it for this long 6 month correction. Might $49,000 end up being that bottom? Unless there is another big economic scare, like the Japan carry trade crash, it seems that Bitcoin could well be on its way up again.
Peter Brandt, trader extraordinaire, posted a chart on his X account showing that $BTC is still in a parabolic upswing. The parabola target is $150,000, and he believes that $BTC can reach this potential top in late Summer of 2025.
An X account that always causes polemic discussion is that of famed billionaire entrepreneur Robert Kiyosaki. His post on Monday warned of holding bonds, which are a country’s debt. He said that while crashes in the market are “visible”, “banking crashes are hidden”, and that these are “much more dangerous”. He said this was one reason why he invests in physical assets like gold, silver, and Bitcoin.
One more dip for $BTC?
Bitcoin (BTC) may be the asset of choice going into the end of this year, and into next, but traders should be aware that the king of the cryptocurrencies is not quite out of the woods yet.
The short term time frame chart above shows that $BTC broke out of the descending channel. However, the price has been held by the $57,000 resistance, except for a brief wick up to $58,000.
The price could get up to around $60,000, which is the measured target for the ascending channel, but it needs to be borne in mind that the Stochastic RSIs for the 4-hour, 8-hour, and 12-hour, are all at, or approaching the top, and therefore upward momentum may be leaving the price soon.
If the $BTC price does turn back down, it could look to retest the top trend line of the channel. It would not be a good sign, and rather bearish, if the price broke back into the channel.
Macro indicator about to turn bullish?
Zooming right out into the weekly time frame, it can be noted that the $BTC price needs to either break above the $58,000 resistance, and turn it into support once more, or break down below the flag and the support at $51,000.
Continuing sideways for too much longer probably isn’t an option, as macro indicators are about to break. At the bottom of the chart the Relative Strength Index has been trending down for the whole of these past six months.
A series of lower highs and lower lows have ensued. However, the indicator has reached a major support level (orange line), and as things stand the indicator is pointing upwards. A bounce from this support and through the trend line would put Bitcoin back on track again.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
This content was originally published on Crypto Daily
