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Legendary trader Peter Brandt spots major Bitcoin (BTC) buy signal
Alex Dobnya
A major commodity trader is confident that the leading cryptocurrency will hit a new peak in August 2025
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Peter Brandt, a well-known commodities trader, recently declared that they have identified a short-term buy signal for Bitcoin.
“The pattern in Bitcoin is something I call a foot shot (Friday). This is a short-term buy signal,” Brandt wrote on his social media account X.
The commodity trader also noted that the current correction is the largest so far during the current bull cycle that began in December 2022.
The largest cryptocurrency plunged to $53,917 on Friday amid a double whammy of massive Mt. Gox redemptions and significant government liquidations. The massive decline marked a 27% correction. This is significantly larger than the 21.9% correction Bitcoin saw in Q3 2023, when the crypto king retraced from a local high of $31,862 to as low as $24,900.
AS reported by U.TodayBlockstream co-founder Adam Back recently downplayed the severity of Bitcoin’s recent price drop, pointing out that previous bull cycles have had their fair share of substantial price corrections.
Brandt has previously stated that Bitcoin’s price could end up rising to $150,000 during this cycle. This price target has also been mentioned repeatedly by Fundstrat’s Tom Lee. However, Brandt believes that such a fanciful target would only be achievable in 2025 rather than this year.
Based on previous bull cycles, Brandt believes the market will peak in August 2025.
According to CoinGecko data, the largest cryptocurrency is currently trade at $57,478 after the bulls managed to recover some ground.
About the author
Alex Dobnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything from price analysis to Blockchain disruption. Alex has written over 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets, and can be reached at alex.dovbnya@u.today.