Bitcoin briefly broke above $80,000, and Peter Brandt revived a parabolic rise model for bitcoin he presented in 2019, signaling the long-term bullish structure remains valid.

On Sept. 6 (local time), blockchain outlet U.Today reported that Brandt reshared an iconic logarithmic chart he released in June 2019 and said bitcoin's fourth parabolic phase structure remains in place.

The renewed attention to the chart came as bitcoin, after moving above $80,000, tested a strong resistance zone at $82,000. The market is taking Brandt's repost as a direct signal that bitcoin's multi-year bullish trend has not been damaged.

In June 2019, when bitcoin was trading around $10,000, Brandt presented a $100,000 price target. At the time, a Factor LLC chart pointed out that traditional assets such as Apple, Amazon, Netflix and gold also failed to replicate bitcoin's cyclical performance. Past bitcoin cycle returns were recorded at 20 times, 489 times, 42 times and 93 times, respectively.

The reason it is drawing attention again lies in the chart structure rather than the price level. On a weekly log chart, bitcoin's current price is showing a compressing move near the lower boundary of its historical upward channel. The model Brandt presented interprets this zone as a repetition of a broad accumulation phase. The key point is that the structure of the fourth parabolic phase is still alive.

It was also highlighted that the current phase differs from 2019 in the nature of capital. While the parabolic rise seven years ago relied heavily on speculation and retail investor sentiment, institutions are now described as the core axis. In particular, systematic inflows through spot ETFs were presented as a distinguishing factor supporting the channel's stability.

Brandt's model also assumed it may be difficult for bitcoin to deliver 100-fold returns again as it did in the past. As bitcoin's market capitalization has grown, a diminishing return effect could appear. Still, he viewed the logarithmic trajectory itself as unchanged. The path higher will not be linear, but the parabolic scenario remains valid as long as key support holds.

Against this backdrop, the market's focus is narrowing to whether the lower trendline will be defended. Brandt's model confirms the parabolic scenario remains plausible as long as the decisive support line is maintained. It also shows that stability in the current zone is backed by inflows from major funds and spot ETFs, indicating this upcycle is unfolding on a different funding structure from the past.

Ultimately, the view is gaining ground that bitcoin's further upside depends more on maintaining the long-term channel than on breaking short-term resistance. Even if the path to new highs is not linear, bitcoin's long-term bullish structure is expected to continue serving as the market's reference point as long as the lower trendline holds.