Analyst: BTC Could Reach $130,000 in August, but May Face Pullback Risks

Odaily Planet Daily News: 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 would exhibit a multi-year parabolic uptrend. As of July, his prediction has already come true. Analysis indicates that Bitcoin has entered a breakout phase resembling a "bullish flag" pattern, confirmed by parallel trendlines formed after a strong upward move (the flagpole). Currently, BTC is expected to rise to $130,000 in August, which is the flag pattern's upside target measured by adding the flagpole's height to the breakout point. However, Peter Brandt cautions that after Bitcoin reaches the $125,000 to $150,000 range, a 50% pullback may occur. Still, some analysts believe that after breaking through the $150,000 target, the rally will continue.