Bitcoin approaches $97,500, reaching a new high in two and a half months. Trader Peter Brandt predicts that if it returns to a parabolic shape, it could surge to $125,000 to $150,000 between August and September; on-chain indicators also support the bullish logic. (Background: MicroStrategy launches a new $21 billion financing plan, unafraid of Bitcoin's $5.9 billion loss in Q1, 'continue buying') (Additional context: Is a major bullish factor for Bitcoin coming? The U.S. Bitcoin strategic reserve report will be released before May 5) Soft U.S. economic data is motivating the market's expectations for interest rate cuts alongside a safe-haven narrative. Bitcoin surged to $97,424 last night (1), setting a new high for the last two and a half months. Veteran trader Peter Brandt further predicts that if the technical pattern holds, the peak for this round of the bull market may reach $125,000 to $150,000, attracting significant market attention. Extended reading: U.S. economy exploded) First quarter GDP unexpectedly shrank by 0.3%, while core inflation heated up. Is the real economic recession merely a technical distortion? Technicians are bullish: returning to a parabolic trajectory, BTC could reach $150,000. Peter Brandt pointed out yesterday on platform X that if Bitcoin can regain its 'parabolic trajectory', it has a chance to reach the $125,000 to $150,000 range by the third quarter of 2025 (around August to September). From his price charts, it can be seen that this technical pattern is similar to the bull market that extended from 2020 to 2021, when BTC soared from $3,700 to nearly $65,000. However, Brandt also reminded that parabolic patterns are usually accompanied by significant corrections, and once a peak is reached, a pullback of up to 50% may occur, and investors need to be wary of volatility risks. Hey @scottmelker If Bitcoin can regain the broken parabolic slope then $BTC is on target to reach the bull market cycle top in the $125k to $150K level by Aug/Sep 2025, then a 50%+ correction pic.twitter.com/WUUzxl0ckn — Peter Brandt (@PeterLBrandt) May 1, 2025 On-chain data supports: entering the 'rising zone', bull market structure continues From the perspective of on-chain data, researcher Axel Adler Jr. believes that Bitcoin has entered the 'rising zone'. Currently, the indicator calculated based on NUPL and MVRV has reached 0.8. If it breaks above 1.0 and maintains there, it will trigger a new wave of bullish momentum, targeting a price range of $150,000 to $175,000, similar to the trajectories of the bull markets in 2017 and 2021. This is his optimistic scenario. At the same time, he lists two other scenarios: Basic scenario (consolidation): If the Ratio remains between 0.8 and 1.0, the market will be in a wide range of fluctuations between $90,000 and $110,000: participants will continue to hold positions but will not significantly increase their stakes. Pessimistic scenario (correction): If the Ratio drops to around 0.75, short-term holders will begin to take profits, and the price may correct to $70,000 to $85,000. Considering that a correction has already occurred, the first two scenarios are more likely to happen. Key pressure zone arrives Although breaking through $97,000, market observations indicate that Bitcoin is approaching a high transaction density area between $96,000 and $99,000, expecting to enter a consolidation phase in the short term. If it can effectively break through and stabilize above $100,000, it will become an important psychological barrier and technical support, laying the foundation for further challenges to the $150,000 high predicted by Brandt. Looking ahead at Bitcoin's future, attention should also be paid to tonight's non-farm employment data, as well as the progress of tariff negotiations between the Trump administration and various countries, especially interactions with China. Related reports Bitcoin breaks through $96,000, will the consolidation end in an explosion? Traders are closely watching tomorrow's U.S. non-farm employment data Bitwise predicts 'four major U.S. brokerages' will open Bitcoin ETFs by the end of the year, is a true bull market coming for everyone? Monero's market value surged by $1.5 billion in one day: why are hackers no longer fond of Bitcoin? "Bitcoin surges to $97,000, technical analysts declare parabolic pattern revival, on-chain analysts estimate BTC could reach $175,000." This article was first published in BlockTempo (the most influential blockchain news media).