Veteran trader Peter Brandt has projected that with Bitcoin (BTC) hitting a new all-time high, the asset’s technical setup is likely positioning it for a rally of up to 35% in August.
Brandt, who boasts over four decades of trading experience, suggested that the current formation could see the leading cryptocurrency trading at $125,000, or even $150,000, this August, according to his X post on May 21.
His analysis highlighted Bitcoin’s breakout from a bull flag pattern after retesting the $102,400 level. The asset also recently confirmed an inverse head-and-shoulders breakout on the weekly chart, strengthening the long-term bullish case.
Previous consolidation patterns, like a symmetrical triangle and double-top retest, have also resolved upward.
With a steady trend of higher highs and higher lows, Bitcoin has entered record territory, which Brandt sees as a natural progression in an ongoing bull cycle rather than isolated technical events.
Bitcoin golden cross formation
Other technical indicators support Bitcoin’s potential surge to new highs, adding to the bullish outlook.
Notably, the digital currency is approaching its first golden cross since October, a technical event in which the 50-day moving average (MA) crosses above the 200-day MA. Historically, this pattern has signaled the beginning of powerful uptrends for Bitcoin.
To illustrate, the last time a golden cross formed, BTC surged 46% in just two months.
Overall, Bitcoin’s current rally is driven by strong positive momentum in the broader market, growing optimism around U.S. crypto regulation, and rising institutional interest.
Despite declining U.S. stock markets, this latest uptrend has emerged, marking a rare divergence from Bitcoin’s typical correlation with equities.
Bitcoin price analysis
As of press time, Bitcoin was trading at $110,900, gaining nearly 4% in the last 24 hours. On the weekly timeframe, the asset has posted gains of over 7%.
At its current level, Bitcoin is trading well above both its 50-day and 200-day simple moving averages (SMAs), hinting at a strong upward momentum.
However, despite the overall bullish sentiment, the 14-day relative strength index (RSI) stands at 74.89, indicating overbought conditions and a possible short-term correction.
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