Wall Street Legend sounds alarm on uncommon asset after S&P 500 prediction

Legendary trader Peter Brandt — best known for nailing past moves in the S&P 500 — has a latest market projection that is worth paying heed to.

Brandt shared a technical analysis of the Bitcoin price chart on X on May 21 — the day Bitcoin broke record to hit a new all-time high (ATH) of $109,487.23.

Brandt said while the recent Bitcoin ATH was "wonderful," it isn't technically significant. ATHs are common during a bull market; in fact, it is "the definition of a bull market," he added.

As per his technical analysis, Bitcoin is "maybe" on the way to top $125,000-$150,000 by end of August, the veteran trader projected.

Bitcoin hit its previous ATH of $109,241 on Jan. 20, ahead of Donald Trump's presidential inauguration.

So far, the highest price of BTC is $111,970.17, which it hit on May 22; it was trading at $109,617.88 at the time of writing, as per Kraken's price feed.

The king coin is required to add more than $13,000 to its value each month until August to meet Brandt's expectation. However, the trader indicated to his followers that the prediction was rather speculative, "Hey trolls, note the ?????"

Wall Street veteran and mathematician Fred Krueger is even more bullish on Bitcoin, which he expects to hit $600,000 in October.

Launched in 2009, Bitcoin is the largest cryptocurrency, with a market cap of $2.17 trillion.

The total crypto market cap stood at $3.44 trillion at the time of writing.

Disclaimer: The content above is intended for informational purposes only and should not be taken as financial advice. Do your own research before investing.

Wall Street Legend sounds alarm on uncommon asset after S&P 500 prediction first appeared on TheStreet on May 26, 2025

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