Veteran trader Peter Brandt has predicted that Bitcoin could reach $135,000 by 2025, but warns that it must avoid dipping below $48,000 to maintain this trajectory. In an October 9 X (formerly Twitter) post, Brandt explained that the market’s consolidation since March represents a “brief pause” with the majority of the bull market still to come.
Brandt’s forecast is based on Bitcoin’s past halving cycles, which have historically shown the sharpest price increases in the latter half. He projects Bitcoin to hit the $135,000 mark by August to September 2025. However, he cautioned that if Bitcoin falls below $48,000, it could invalidate his prediction, saying, “A close below $48K negates my chart analysis.”
Caution from 10x Research
While Brandt is optimistic about Bitcoin’s future, 10x Research CEO Markus Theilin provided a more cautious outlook. In a report released on the same day, Theilin noted that while macro trends are valuable, they are “overly simplistic and insufficient” for predicting market movements. He warned that Bitcoin maximalists often expect prices to rise “tenfold indefinitely” after each halving, but strong fundamentals are essential to sustain these gains.
Theilin pointed out that Bitcoin continues to follow a downtrend months after its most recent halving, despite macroeconomic factors like Fed rate cuts and a growing money supply. He argued that while these factors may help, they need to be supported by solid fundamentals and momentum, which are currently lacking in the market.
The Role of the US Presidential Election
A potential catalyst for Bitcoin’s recovery could be the November 5, 2024, U.S. presidential election. Theilin highlighted that a Trump victory is viewed as favorable for cryptocurrencies, especially given Trump’s involvement in Bitcoin 2024 and his promotion of the World Liberty Financial DeFi project. Analysts have speculated that a Trump presidency could lead to pro-crypto policies, with Standard Chartered projecting Bitcoin could reach $220,000 under his leadership.
On the other hand, a Harris presidency might also boost Bitcoin, with a more conservative price target of $75,000. Harris has recently endorsed digital assets, which could drive crypto growth, although her election may cause an initial price dip.
Optimism for a Q4 Rally
Despite these uncertainties, Theilin remained optimistic about the possibility of a Q4 rally in 2024. However, he emphasized the importance of effective risk management in navigating the volatile crypto market.
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