Bitcoin (BTC), the world’s oldest and most valuable cryptocurrency, managed to halt its early-day losses and surged above the $65,000 mark, reaching an intraday high of $65,360.
The rise in BTC price can be attributed to a bullish Bitcoin price prediction from veteran trader Peter Brandt, who confirmed a bear trap with the July 13 close.
Brandt anticipates BTC could reach $150,000 by late 2025, provided it stays above $56,000. Another factor boosting BTC price is recent inflows into US spot Bitcoin ETFs, particularly BlackRock’s iShares Bitcoin Trust.
These investments have helped push BTC prices above $65,000. Crypto analyst Kevin Svenson’s prediction of a parabolic rally similar to 2017 further excites investors with bullish sentiment.
Peter Brandt’s Bitcoin Analysis: Bullish Potential and Bearish Risks
Veteran trader Peter Brandt believes Bitcoin has growth potential. He notes a recent price pattern suggesting that if Bitcoin stays above $56,000, it could gain upward momentum.
Brandt predicts Bitcoin could reach as high as $150,000 by late 2025. However, he warns that if Bitcoin drops below $56,000, this optimistic outlook could change.
While I am impressed by the current bounce in Bitcoin $BTC it should be noted that the sequence of lower highs and lower lows continues despite the halving, despite the ETf, despite the hype pic.twitter.com/V5M6FFaMpJ
— Peter Brandt (@PeterLBrandt) July 17, 2024
Brandt also highlights ongoing challenges for Bitcoin, noting that despite recent price increases, overall price trends remain lower. He observes that significant events, such as halvings and ETF developments, have not had a sustained positive impact on Bitcoin’s price direction.
Bitcoin Price Prediction
Bitcoin (BTC/USD) is trading at approximately $64,760, reflecting a slight increase of 0.05% over the last 24 hours. The cryptocurrency has seen a substantial trading volume of $28.28 billion.
As the leading digital asset, Bitcoin maintains its top ranking on CoinMarketCap with a market capitalization of $1.28 trillion. The circulating supply is about 19.73 million BTC, with a maximum supply of 21 million BTC.
The 2-hour chart reveals key price levels that are critical for traders. The pivot point is marked at $63,980, serving as a significant level of interest.
Bitcoin Price Prediction – Source: TradingviewImmediate resistance is expected around $65,000, with subsequent resistance levels at $66,940 and $67,940. On the downside, immediate support is identified at $63,470, followed by $63,130 and $62,330.
Technical indicators suggest a cautiously optimistic outlook. The Relative Strength Index (RSI) stands at 54, indicating a neutral momentum. The 50-day Exponential Moving Average (EMA) is positioned at $63,470, reinforcing the bullish trend.
The upward trendline is providing strong support near the $64,500 level, suggesting that Bitcoin could continue its bullish trajectory if it holds above this key level.
Overall, Bitcoin’s price action suggests potential for further gains, provided it remains supported above the critical $64,500 mark.
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