The post Trader Peter Brandt Raises Doubts on Bitcoin Bull Run Continuation appeared first on Coinpedia Fintech News

Renowned trader Peter Brandt has raised doubts about the sustainability of Bitcoin’s ongoing bull market cycle. In a detailed analysis titled “Does history make a case that Bitcoin has topped?” Brandt highlights trends in Bitcoin’s historical price cycles that suggest diminishing momentum over time.

Diminishing Momentum in Bull Cycles

Brandt identifies four significant bull cycles in Bitcoin’s history, with the current surge marking the fifth. He notes a troubling pattern: each successive cycle has experienced diminishing exponential advances, losing approximately 80% of the momentum from the previous cycle.

Applying this trend to the current cycle, Brandt projects a potential peak of around $72,723, a level that has recently been reached in trading. Despite the impact of halving events on Bitcoin’s price, Brandt emphasizes the sobering reality of exponential decay, suggesting a 25% chance that Bitcoin may have already reached its peak for this cycle.

Speculations on Market Top

Brandt speculates on potential price retracements in the event of a market top, foreseeing a decline to the mid-$30,000 range per BTC or even revisiting lows from 2021. However, he views such a correction as potentially bullish in the long term, drawing parallels to similar chart patterns observed in the gold market.

Peter Brandt’s analysis offers valuable insights into the evolving dynamics of Bitcoin’s market cycles and highlights the significance of data-driven analysis in understanding cryptocurrency market trends.

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Filed under: Bitcoin - @ April 27, 2024 1:21 pm