Legendary trader Peter Brandt says Bitcoin (BTC) may hit $150,000 this year while not ruling out a possible bearish scenario instead.
Brandt tells his 773,500 followers on the social media platform X that Bitcoin may surge nearly 50% from its current value.
[adinserter block="1"]However, he warns that based on Bayesian analysis, a statistical method that evaluates future outcomes based on historical trends and new data, there remains a possibility that Bitcoin may suddenly plummet by more than 50%.
“Preface: what I am saying here will completely confuse those of you who are single narrative dogmatic investors.
I am a Bayesian, open at the same time to multiple narratives.
I’ve forecast $135,000 +/-$15,000 for BTC in 2025. But, as a Bayesian, I still assign the possibility that BTC is constructing a massive top for a 50%+ decline. Do I hedge my bets based on Bayesian priors – of course I do. Being aware of risks comes from being a 50-year career trader.”
Looking at his chart, the analyst suggests that Bitcoin may plummet if it completes the bearish head-and-shoulders pattern (H&S) on the daily chart. A head-and-shoulders pattern typically suggests that an asset is losing momentum and could reverse its uptrend if the price breaks below the structure’s support.
However, Brandt also says that BTC appears to be flashing a bullish price pattern using the terms bump, hump, slump and dump. The pattern, which was also witnessed last year before BTC surged from $50,000 to above $100,000, suggests that BTC may “dump” to around $84,000 before recovering and ascending toward $150,000.
“The big question in my mind is whether Bitcoin will get one more dump (or more lengthy congestive chop) before the pump. Remember, markets generally do not [soar] until retail traders get worn out.”
Bitcoin is trading for $100,029 at time of writing.
Brandt next weighs in on Ethereum (ETH) competitor Cardano (ADA). He believes that ADA has reached a local market bottom at $0.81 on the weekly chart and is gearing up for a massive breakout that will flip $1.09 into support.
“Altseason? Make no doubt about it, Cardano has bottomed for a grand bull market.”
ADA is trading for $1.09 at time of writing, up 4.9% in the last 24 hours.
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