Analyst: BTC Poised to Rise to $130,000 in August, but Risk of Correction Exists
Powered by ChatGPTAnalyst Peter Brandt previously predicted that the price of Bitcoin would rise to $125,000 to $150,000 in August or September, noting that it would show a multi-year parabolic upward trend, and his prediction has been accurately fulfilled as of July. The analysis pointed out that Bitcoin has entered a breakout phase of what appears to be a "bull flag" pattern, which is confirmed by the parallel trend lines formed after a strong upward trend (flagpole). Currently, $BTC is expected to rise to $130,000 in August, which is the flag's upward target measured by adding the height of the flagpole to the breakout point. However, Peter Brandt cautioned that after Bitcoin reaches the $125,000 to $150,000 range, there may be a 50% pullback. However, some analysts believe that the rally will continue after breaking through the $150,000 target. (Cointelegraph) [Odaily Planet Daily News]