Bitcoin’s recent price action has broken above $96,000, significantly reinforcing the idea of a sustained move into six-figure territory. This notable price shift occurs after a clean breakout above a critical on-chain resistance zone, which stretches from $93,000 to $95,000. Many analysts believe this pivotal range could determine whether Bitcoin embarks on its next significant upward movement.
Adding to this momentum is a long-term technical outlook from renowned trader Peter Brandt. He projects that Bitcoin is on track to establish new all-time highs, with a potential peak price exceeding $150,000 in the near future.
Peter Brandt Maps Timeline For $150,000 Bitcoin Top With Parabolic Structure
Veteran trader Peter Brandt recently shared a weekly candlestick chart of Bitcoin’s price on social media, illustrating a potential trajectory toward $150,000 by late summer 2025. According to Brandt’s insights, Bitcoin is currently trading below a crucial parabolic trendline, which is essential for the final leg of the current bull cycle. This trendline has historically served as upper resistance for Bitcoin’s price peaks and all-time highs since 2021.
Brandt’s analysis incorporates various classical technical formations, including multiple head and shoulders patterns, expanding triangles, and consolidation wedges. The breakout from the recent wedge pattern underpins his assertion that the bull market remains structurally intact.
According to Brandt’s projection, Bitcoin needs to surpass the $120,000 mark to confirm a decisive breakout. Achieving this milestone would set the stage for a run-up to what he terms the ‘cycle top,’ expected to lie between $125,000 and $150,000 by August or September 2025.
On-Chain Indicators Reveal Pressure Points Around $93,000 To $95,000
On-chain data from analytics firm Glassnode reveals that Bitcoin is currently testing the convergence of two crucial resistance points: the 111-day simple moving average at $91,300 and the short-term holder cost basis at $93,200.
Interestingly, Bitcoin’s price structure has confirmed a higher high relative to the $94,000 mark seen in early May, effectively breaking the downtrend trajectory from early April. This indicates a potential market shift toward a more aggressive accumulation phase. However, this region also corresponds to a significant cluster of previously acquired coins. Investors who are currently underwater from earlier pullbacks might be tempted to exit at breakeven, potentially increasing sell-side pressure.
On the other hand, long-term holders are displaying robust holding behavior, with realized profits exceeding 350% for many. Recent data indicates that over 254,000 BTC have matured into long-term holdings since Bitcoin’s last local bottom, showing a significant portion of the supply stabilizing above the $95,000 threshold.
While current momentum is favoring the bulls, the $93,000 to $95,000 range presents a major battleground, poised to shape Bitcoin’s trajectory in the months leading to Brandt’s ambitious target of $150,000. As of this writing, Bitcoin is trading at $96,635.
