Bitcoin surged to $97,000, technical analysts are calling for a parabolic pattern revival, and on-chain analysts estimate BTC could reach $175,000.

Bitcoin is approaching $97,500 to a new two-and-a-half-month high, and trader Peter Brandt predicts a return to the parabolic pattern and will attack $125,000 to $150,000 in August-September; On-chain indicators also support bullish logic. (Synopsis: Micro Strategy pushes another $21 billion new financing plan, fearless of bitcoin Q1 loss of $5.9 billion "continue to buy, buy, buy") (Background supplement: Bitcoin big good is coming? U.S. Bitcoin Strategic Reserve Report released 5/5 ago) Weak U.S. economic data encouraged the market to cut interest rate expectations coupled with a risk-off narrative, bitcoin rushed to $97,424 yesterday (1) night, hitting a new high in 2 and a half months, veteran trader Peter Brandt predicted that if the technical pattern is established, BTC's bull market high may look up to $125,000 to $150,000, causing high concern in the market. Read more: The U.S. economy exploded" GDP unexpectedly shrank by 0.3% in the first quarter, but core inflation heated up, is it really a recession or just a technical distortion? Tech bullish: return to the parabolic track, 150,000 magnesium on BTC Peter Brandt pointed out on the X platform yesterday that if bitcoin can regain its "parabolic track", it has a chance to rush to the $125,000 to $150,000 range in the third quarter of 2025 (about August to September). As can be seen from his price chart, this technical pattern is similar to the bull market that lasted from 2020 to 2021, when BTC soared from $3,700 to nearly $65,000. However, Brandt also cautioned that parabolic patterns are usually accompanied by sharp corrections, and once they peak, there may be a pullback of up to 50%, and investors need to guard against volatility risks. Hey @scottmelker If Bitcoin can regain the broken parabolic slope then $BTC is on target to reach the bull market cycle top in the $125k to $150K level by Aug/Sep 2025, then a 50%+ correction pic.twitter.com/WUUzxl0ckn — Peter Brandt (@PeterLBrandt) May 1, 2025 On-chain data support: entering the "rising zone", the bull market structure continues From the perspective of on-chain data, researcher Axel Adler Jr. believes that Bitcoin has entered the "rising zone", according to the current basis The indicator calculated by NUPL and MVRV has reached 0.8, and if it breaks through 1.0 and stays above, it will trigger a new wave of bullish momentum with a target of $150,000 to $175,000, similar to the bull trajectory of 2017 and 2021. This is his optimistic scenario. At the same time, he listed two other scenarios: Underlying scenario (consolidation): If the ratio remains between 0.8 and 1.0, the market will be in a wide range of $90,000 to $110,000: participants will continue to hold positions, but will not increase significantly. Pessimistic scenario (correction): If the Ratio drops to around 0.75, short-term holders will start taking profits and the price may correct to $70,000 to $85,000. Given that there has now been a wave of corrections, the first two scenarios are more likely. Key pressure zones are coming Despite the breakout of $97,000, Market Watch points to bitcoin approaching the high trading intensive zone of $96,000 to $99,000, which is expected to enter a consolidation phase in the short term. If it can effectively break through and stand at $100,000, it will become an important psychological level and technical support, laying the foundation for the subsequent challenge of the $150,000 high predicted by Brandt. Looking ahead to the future of bitcoin, we should also pay attention to the non-farm payrolls data released tonight, as well as the progress of the Trump administration's tariff negotiations with various countries, especially the interaction with China. Related reports Bitcoin breaks through $96,000 consolidation end will break out? Traders keep an eye on the U.S. non-farm payrolls data tomorrow night Bitwise predicts that the "four major U.S. brokers" will open bitcoin ETFs at the end of the year, and the real bull market of national speculation is coming? Monero Market Cap Jumps $1.5 Billion in a Day: Why Don't Hackers Love Bitcoin Anymore? "Bitcoin rushed to 97,000 magnesium, technologists shouted parabolic resurrection, on-chain analysts estimated 175,000 BTC" This article was first published in BlockTempo "Dynamic Trend - The Most Influential Blockchain News Media".