Bitcoin Could Reach $130K to $150K, Says Peter Brandt

Additionally, he noted that BTC is in a range from which it will experience a notable upside rally. In a post on X, Peter added, “Bitcoin $BTC is now in the sweet spot of the bull market halving cycle that should top in the $130k to $150K range next Aug/Sep.”

The potential reason for this bullish momentum and price surge is the U.S. presidential election results and the pro-crypto and President Donald Trump.

Current Price Momentum

As of now, Bitcoin is trading near $75,800 and has experienced a price surge of over 10% in the past 24 hours. During the same period, its trading volume jumped by 160%, indicating heightened participation from traders and investors amid bullish market sentiment.

Bitcoin Technical Analysis and Upcoming Level

According to the expert technical analysis, BTC has broken out from a crucial resistance level at $73,935 and is about close to a daily candle above the $75,600 level. Following this breakout and the daily candle closing above the resistance level, BTC has turned bullish and is poised for a significant upside rally in the coming level.

Based on recent price action and historical momentum, if BTC closes a daily candle above $75,600, there is a strong possibility it could surge further in the coming days.

Bullish On-Chain Metrics

On-chain metrics further support BTC’s bullish outlook. According to the on-chain analytics firm Coinglass, BTC’s Long/Short ratio currently stands at 1.03, indicating a strong bullish sentiment among traders. Additionally, open interest has increased by 15%, reflecting growing trader interest and the formation of new positions.