Veteran trader Peter Brandt says Bitcoin is following a similar pattern from its past, which could lead to a $125,000 BTC price by New Year’s Eve.
Bitcoin (BTC) price entered a strong price discovery phase for the first time since December 2020, after its weekly chart closed above $80,000. BTC’s bullish structure has transpired from a short-term to a long-term outlook, and multiple analysts believe that an assortment of six-figure price targets will be attained sooner than later.
Peter Brandt, a popular market analyst, highlighted that Bitcoin tends to repeat its bullish price action trends when it decides to “mark up.” The trader addressed BTC’s current move above previous ATH levels and suggested a $125,000 price target based on Bayesian probability.
Bayesian probability, or Bayes’ theorem, determines the conditional probability of a future event based on past data sets. In layman’s terms, it helps traders handle uncertain price ranges by setting targets based on how the asset behaved in similar past situations.