Seasoned trader Peter Brandt is leaning bullish on Bitcoin (BTC) after the flagship crypto asset recently broke into a new all-time high.
Brandt tells his 746,100 followers on the social media platform X that Bitcoin is “now in the sweet spot of the bull market halving cycle.”
According to Brandt, Bitcoin could appreciate by between 73% to 100% from the current level to reach the cycle top in August or September of 2025.
Based on the veteran trader’s chart, it appears he is suggesting that the time it will take for Bitcoin to reach the cycle top after the halving will be similar to the time taken from the start of the bull market cycle to the halving, if history repeats itself.
According to Brandt, a 518-day period separates Bitcoin’s start of the bull market cycle in November of 2022 to the halving in April of this year. The veteran trader says it could potentially take another 518 days for Bitcoin to reach the cycle top of the current bull market from the April halving.
Bitcoin is trading at $75,004 at time of writing.
The widely followed trader also offers his insight on Ethereum (ETH) and Solana (SOL).
“Both are poised for upside breakouts to join Bitcoin. But notice, SOL breaking out into new highs. ETH chewing into overhead resistance (supply). I always favor new highs and prefer SOL.”
Based on Brandt’s Ethereum and Solana charts on the weekly timeframe, it appears that Solana is around 10% below the 28-month high reached in March while Ethereum is 45% below its 28-month high reached during the same period.
Ethereum is trading at $2,805 at time of writing while Solana is changing hands at $187.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: Midjourney
Read the full article here