Bitcoin Could Reach $125K by New Year's Eve, Says Trader Peter Brandt

Veteran trader Peter Brandt has forecasted that Bitcoin (BTC) could hit $125,000 by New Year’s Eve, drawing on historical price patterns and Bayesian probability to support his bullish prediction. Bitcoin's recent surge above $80,000, marking its first price discovery phase since December 2020, has set the stage for a potential breakout, with analysts eyeing six-figure price targets sooner than expected.

Bitcoin's Bullish Momentum and $125K Target

Brandt, a well-known market analyst, has pointed to Bitcoin’s tendency to repeat bullish patterns from past market cycles when it begins a “markup” phase. With Bitcoin pushing past previous all-time highs (ATHs) and entering uncharted territory, Brandt sees a potential rise to $125,000 based on Bayesian probability—a statistical method that assesses the likelihood of future events based on past data.

In simple terms, Bayesian probability helps traders forecast price action by identifying patterns from previous price cycles. Brandt believes Bitcoin’s rally in Q4 2024 mirrors the price action from Q1 2024, which could lead to a significant high of $125,000 by the end of the year.

Alternative Bullish Targets: $158K and $100K

Alongside Brandt’s forecast, Titan of Crypto, another Bitcoin enthusiast and trader, has set a more aggressive price target of $158,000. This is based on the completion of a bullish pennant pattern on Bitcoin’s weekly chart, with a golden cross—a bullish technical indicator—acting as the catalyst for the next leg up. Titan of Crypto has identified $100,000 as the initial target for Bitcoin in the second phase of the 2024 bull market.

CME Gap and Potential Short-Term Pullback

Despite the overwhelmingly bullish sentiment, Bitcoin traders are keeping an eye on a CME gap that opened on November 11, between $77,800 and $80,600. CME gaps, which are price voids on the futures charts that occur when the market closes at a different level from the opening price, have a tendency to fill in the days following their formation.

The CME gap between $77,800 and $80,600 is the first gap to form on Bitcoin's daily chart since August 2024. Historically, these gaps are often filled, which means Bitcoin could experience a short-term dip to the lower end of the gap, potentially down to $77,800 or below.

Scient, an anonymous market analyst, has suggested that Bitcoin could be nearing a local top around $84,000–$85,000. After reaching this range, a period of consolidation or a small correction could occur, lasting anywhere from 7 to 10 days before the next upward move begins.

Historical Context: CME Gaps and Bitcoin's Long-Term Uptrend

Looking at Bitcoin's past market behavior around CME gaps, there are indications that the current gap might not immediately be filled. In 2023, a small CME gap formed after Bitcoin broke through a multi-month resistance level. Bitcoin did not fill that gap until January 2025, when prices surged an additional 23% after the gap formed.

If Bitcoin’s current rally follows a similar pattern, it could continue to rise, potentially reaching a new all-time high well above $100,000. If the gap remains unfilled for an extended period, it could signal that Bitcoin is in the midst of a long-term bullish cycle, with the possibility of breaking through even higher price levels in the coming months.

Conclusion: A Strong Bullish Outlook for Bitcoin

Bitcoin’s recent price action has sparked a wave of bullish sentiment across the market, with analysts and traders setting bold price targets for the end of 2024. Peter Brandt’s forecast of $125,000 by New Year’s Eve and Titan of Crypto’s $158,000 target reflect the confidence that Bitcoin could continue its ascent to new heights.

While short-term pullbacks, like filling the CME gap, are possible, the long-term outlook remains bullish, with Bitcoin on track to potentially reach new all-time highs above $100,000. As the year progresses, it will be interesting to see if these predictions play out and whether Bitcoin can sustain its bullish momentum into 2025.