Peter Brandt Spots Short-Term Bitcoin Buy Signal, Reiterates $150,000 BTC Price Target

Peter Brandt, a well-known commodity trader, recently stated that he had spotted a short-term Bitcoin buy signal.

Veteran commodity trader Peter Brandt has identified a short-term buy signal for Bitcoin.

"The pattern in Bitcoin is something I call a foot shot (Friday). This is a buy signal short term," Brandt stated in a recent post on his X social media account.

The commodity trader also noted that the current correction is the largest so far during the ongoing bullish cycle that began in December 2022.

On Friday, the largest cryptocurrency slid to as low as $53,917 amid massive Mt. Gox repayments and government liquidations, marking a 27% correction. This is significantly larger than the 21.9% correction that Bitcoin recorded in Q3 2023 when the crypto king retraced from a local peak of $31,862 to $24,900.

As reported by U.Today, Blockstream co-founder Adam Back recently downplayed the severity of a recent Bitcoin price drop by highlighting past bull cycles that also had their fair share of substantial price corrections.

Brandt previously stated that the price of Bitcoin could end up reaching as high as $150,000 during this cycle. This price target has also been mentioned several times by Fundstrat's Tom Lee. However, Brandt believes that such an astronomical target would only be achievable in 2025 rather than this year.

Based on previous bull cycles, Brandt anticipates that the market will peak in August 2025.

According to CoinGecko data, the largest cryptocurrency is currently trading at $57,478 after bulls managed to regain some ground.

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