In the past 24 hours, Bitcoin’s price has surged past $96,000, boosting expectations for an extended move into six-figure territory. This price action is particularly significant as it demonstrates a clear breakout above the crucial resistance zone of $93,000 to $95,000. A number of analysts believe this could signal the direction for Bitcoin’s next major upward movement.
Supporting this bullish momentum is the long-term outlook shared by well-known trader Peter Brandt, who believes Bitcoin is on track to set a new all-time high.
Peter Brandt outlines a $150,000 Bitcoin projection with a parabolic framework
Peter Brandt frequently shares his weekly Bitcoin candlestick charts on social media, illustrating a possible rise to $150,000 by summer 2025. In a recent blunt post on platform X, he noted that Bitcoin is currently under the parabolic trendline, which is critical for the final phase of the bull cycle. Notably, this trendline has been a significant resistance point for Bitcoin price peaks and all-time highs since 2021.
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Brandt’s chart showcases several classical technical formations, such as multiple head and shoulders, expanded triangles, and integrated wedges. He suggests that a breakout from the recent wedge pattern indicates the bull market remains solid.
Per his analysis, the parabolic slope Bitcoin needs to surpass is approximately $120,000. A critical breakout above this level could trigger the rise toward the peak of the cycle. According to Brandt, this peak could fall between $125,000 and $150,000, expected by August or September 2025.
On-chain indicators point to pressure zones around $93,000-95,000
Data from analytics firm GlassNode indicates that Bitcoin is currently facing two important resistance points. It has a simple moving average of 111 days at $91,300, alongside a short-term holder cost basis of $93,200.
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Specifically, Bitcoin’s price structure confirmed a high earlier this month, around $94,000, breaking the downtrend from early April. This may suggest that the market is transitioning into a more aggressive accumulation phase. However, this area is also home to a significant cluster of previously purchased coins, meaning some investors might be considering selling at break-even during pullbacks, heightening sell-side pressure.
Conversely, long-term holders are demonstrating strong holding behavior, with realized profits exceeding 350% for many. Since Bitcoin’s recent local low, over 254,000 BTC has surpassed the 155-day threshold, showing a substantial portion of the supply has matured to long-term holdings. Interestingly, many of these coins were bought at prices above $95,000.
While the present momentum appears to favor the bulls, the $93,000-$95,000 range will be crucial in determining Bitcoin’s trajectory toward Brandt’s target of $150,000.
As of now, Bitcoin is trading at $96,635.
