Bitcoin is currently trading within consolidation phase, but veteran trader Peter Brandt has identified when the asset could secure a breakout.
In his latest analysis, the market veteran highlighted the importance of this structured price action and pointed to an upcoming critical moment for Bitcoin between Feb. 24 and 26. Notably, his analysis suggests that this period could determine the next major move in Bitcoin’s price.
Brandt’s Symmetrical Chart Pattern
The accompanying daily chart confirms Bitcoin’s range-bound movement. For context, the price has consistently oscillated between highs of around $106,000 and lows near $90,500.
Citing data from the chart, Brandt stressed that the market structure exhibits what he calls “internal symmetry.” This suggests that price movements have mirrored each other in a balanced manner.
BTC 1D Chart Peter Brandt
Particularly, the chart shows three clear peaks and four lows, forming a predictable pattern, and suggests Bitcoin is preparing for a breakout in either direction.
Brandt expects the period around Feb. 24 to 26 to be a decisive moment when Bitcoin could either break above resistance or fall below support. However, the analyst chose not to favor any direction, whether upward or downward.
Bullish and Bearish Cases for Bitcoin
However, data from his chart indicates some bullish and bearish cases for Bitcoin. On the bullish part, Bitcoin has held above support multiple times, showing strength in the current range. Notably, a sustainable breakout above the $106,000 resistance could trigger a strong rally toward new highs.
Meanwhile, for the bearish case, Bitcoin has failed to break the resistance at $106,000 multiple times, signaling possible exhaustion. Moreover, the ADX indicator at 31.80 shows weak trend momentum. If Bitcoin falls below $90,500, it could result in a sharp sell-off.
Analysts Expect Bitcoin Breakout Soon
Amid the ongoing consolidation, several prominent analysts have also shared their perspectives on Bitcoin’s price action and potential breakout scenarios. Crypto analyst Miles Deutscher noted today that Bitcoin’s 30-day realized volatility is now lower than it was during most of last summer.
$BTC 30-day realized volatility is now lower than it was during most of the summer period last year.$BTC tends to range during low volatility periods, until something shakes it up and causes the next big level change. I wonder what it will be this time 🤔 pic.twitter.com/uA0eModqlJ
— Miles Deutscher (@milesdeutscher) February 21, 2025
The Crypto Basic recently highlighted this trend of declining volatility. Bitcoin has historically remained in range-bound trading during such low-volatility periods until a catalyst triggers the next major price shift. He suggests that the market is waiting for a significant event to push Bitcoin out of its current phase.
Further, trader Don Alt has expressed a bullish outlook, emphasizing that $99,000 to $101,000 is the last major resistance before Bitcoin enters price discovery.
Bitcoin 1D Chart | Don Alt
He pointed out that it only takes a few strong daily candles to shift the sentiment in Bitcoin’s favor. If Bitcoin successfully breaks this resistance, Don Alt expects a strong upward move toward new all-time highs.
Meanwhile, Cas Abbé, a notable analyst, believes Bitcoin is in a Wyckoff Distribution phase, which historically precedes a temporary peak before further market fluctuations.
$BTC has one leg up left before April 2025.
Bitcoin is currently in a Wyckoff Distribution phase, with a peak target around $120K.
I think this will be a local top for BTC, similar to March 2024.
After that, expect choppiness for 4-6 months and a blow-off top in Q4 2025. pic.twitter.com/PhiAUlCb3g
— Cas Abbé (@cas_abbe) February 21, 2025
His projection places Bitcoin’s short-term target at $120,000, potentially marking a local top before another consolidation phase. He predicts Bitcoin will experience choppy price action for four to six months, with a final blow-off top in Q4 2025. Bitcoin already shows signs of a breakout, currently trading for $97,784 at press time.
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