Bitcoin Surges 23% to $97,000, Legendary Trader Predicts 55% Rally

Bitcoin's price surged past the $97,000 mark at the start of May, reaching levels not seen since February when President Donald Trump's aggressive U.S. tariffs triggered market corrections. This surge marks a significant recovery for the leading cryptocurrency, which had previously dropped to a low of $78,900 in February and $75,000 in early April. The recent price increase has reignited bullish sentiment among investors, with legendary trader Peter Brandt predicting that Bitcoin could be on the verge of breaking new all-time highs.

Brandt, known for his extensive experience in the financial markets, shared a long-term weekly Bitcoin price chart on X, highlighting a parabolic arc pattern. This pattern, which typically signals rapid price changes, has historically defined Bitcoin's peak in 2017 and 2021. Brandt believes that if Bitcoin successfully reclaims the broken parabolic slope, it could reach at least $125,000 by August or September this year, with the potential to move even higher toward the $150,000 mark.

Brandt's prediction is based on his extensive experience in trading, having witnessed various financial phenomena over the past 50 years. His opinion carries significant weight in the market, given his track record and insights. With Bitcoin currently hovering around $97,010, the path to Brandt's predicted $150,000 target would represent an explosive rally of over 55%.

However, Brandt also cautions about the potential for a significant pullback following the anticipated rally. He expects an over 50% drawdown after the cycle peak, which could pull Bitcoin back to the $60,000–$75,000 range. This aligns with historical retracements observed in previous market cycles. Brandt's analysis underscores the volatile nature of Bitcoin and the importance of considering both the potential upside and downside risks.