Bitcoin Breaks Records at $76,481, Could Surge to $150K Soon
- Bitcoin surged to a new ATH of $76,481 after Trumps election win, driven by a 9% daily gain and bullish sentiment.
- Veteran trader Peter Brandts analysis highlights an inverted broadening triangle, with $76,000 as a key breakout level.
- Brandt predicts Bitcoin could reach $135,000$150,000 by mid-2025, supported by halving cycle trends and a $67,045 moving average.
Bitcoins (BTC) latest rally, spurred by pro-crypto sentiment after Donald Trumps recent election win, has brought the worlds top cryptocurrency to a critical point. Surging to an all-time high (ATH) of $76,481, BTC now flirts with a breakthrough in a key technical pattern identified by veteran trader Peter Brandt. Brandts analysis of an inverted broadening triangle suggests a decisive phase ahead as BTC edges toward new heights.
After Trumps victory, Bitcoin quickly surged, surpassing its previous ATH of $73,794. This rally, fueled by a 9% daily gain, saw BTC closing at $75,637, reinforcing bullish market sentiment. The jump marked BTCs largest intraday gain since August, showing that the bulls are far from backing down. Investors and analysts alike are watching closely, with many seeing this move as a confirmation of a sustained upward trend.
This surge is no random spike; it aligns with Brandts updated weekly chart, highlighting BTCs struggle within an inverted broadening trianglea pattern known for its potential volatility and unpredictable price behavior. A decisive weekly close above the $76,000 mark could signal a full breakout, placing Bitcoin on a bullish trajectory.
Following Trumps election win, BTC reached a new all-time high of $76,481. This surge included a significant 9% single-day gain, marking its largest daily increase since August. BTC now finds strong support at a weekly moving average of $67,045, providing a solid foundation for further growth.
Brandts technical analysis, centered on the inverted broadening triangle, has guided his outlook for BTC. For weeks, hes noted the importance of breaking through this structure, highlighting the $76,000 level as a crucial threshold. Now, with BTC hovering near $74,844, the market is just a 1.5% gain away from reaching Brandts target. The pressure is mounting, and should BTC cross this threshold, it could unleash a new bull wave.
In addition to this pattern, Brandts analysis also looks forward to the implications of Bitcoins halving cycle. Following Aprils 2024 halving event, Bitcoin has entered what Brandt calls the sweet spot of the cycle. He points out a historical trend, where Bitcoin reaches its peaks approximately 1.5 years after each halving. For this cycle, Brandt has his eyes set on mid-2025, expecting Bitcoin to approach the $130,000$150,000 range by then. This forecast resonates with previous cycles, adding confidence to long-term investors.
Timeline for Bitcoins $150K Peak
For the upcoming months, Brandts timeline reflects a carefully observed pattern. Each halving cycle shows a substantial rise approximately 518 days before and after the halving event. If history repeats, Bitcoins next ATH could emerge around August or September 2025.
Brandt has identified a macro target of $135,000, aligning with similar projections by other market analysts. With the weekly moving average sitting at $67,045, well below the current price, momentum remains solid. Volume metrics show surging interest, further supporting the rally.
As Sundays $76,000 test approaches, the crypto market is on edge. Investors are watching for Bitcoins next big move, as breaking above this critical point could set the stage for new highs in the coming years.
Read more: https://www.tronweekly.com/bitcoin-breaks-records-76481-could-surge-150k/
Text source: TronWeekly
