Analyst: BTC Expected to Rise to $130,000 in August, But There May Be a Risk of Pullback
Analyst Peter Brandt previously predicted that the price of Bitcoin would rise to between $125,000 and $150,000 in August or September, noting that it will show a parabolic upward trend over the years. As of July, his predictions have been accurately fulfilled.
Analysis indicates that Bitcoin has entered a breakout phase that appears to resemble a 'bull flag' pattern, with a strong upward trend (flagpole) confirming this after forming a parallel trend line. Currently, BTC is expected to rise to $130,000 in August, which is the measured upward target of the flag after adding the height of the flagpole to the breakout point.
However, Peter Brandt warns that after Bitcoin reaches the $125,000 to $150,000 range, a 50% pullback may occur. Nevertheless, some analysts believe that after breaking through the $150,000 target, the upward momentum will continue.
