Peter Brandt, a veteran trader, says that Bitcoin will reach a new high as long as the price doesn’t top out in the next couple of days.
“It is reasonable to expect a bull market high any day now,” Brandt said to Cointelegraph Wednesday that Bitcoin (BTC() ) the historical cycle patterns that have played out over the last three cycles.
“These cycles from low-to-halving-to-high have not always been the same length, but the post-halving distance of each has always been equal to the pre-halving distance,” Brandt stated.
Bitcoin Cycle: Sunday was a crucial day
Brandt explained to me that Bitcoin reached its low cycle on Nov. 9 2022. That was 533 day before Bitcoin would halve on April 20 2024.
“Add 533 days to April 20, 2024, and bingo, it is this week,” He said. The date of the event fell on Sunday. That was just one-day before Bitcoin hit a new high over $126.100 on Monday.
However, Brandt emphasized, “there is always an ‘except,'” This could have a significant impact on the price of Bitcoin. “Trends that violate the prevailing cyclic or seasonal nature of markets are typically the most dramatic,” “He said”
Brandt pointed out that although market cycles may not repeat themselves in exactly the same manner, Bitcoin is following them.
“Sooner or later, cycles change. But betting against a cycle that has a perfect three-for-three record should not be done with reckless abandon,” “He said”
Brandt is split 50/50 about the result. “I will remain bullish, hopeful for counter-cyclicality. In this case, a move well beyond $150,000 would be my expectation, perhaps as high as $185,000,” Brandt stated.
Bitcoin four-year cycle debate continues
This comes at a time when the crypto four-year cycle is still debated, considering the rise of ETF products, corporate digital asset portfolios and the institutionalization of cryptocurrency.
Rekt, a cryptocurrency analyst from July, said the same. Bitcoin cycle follows the 2020 The market is likely to peak around October.
“We have a very small sliver of time and price expansion left,” Rekt spoke on July 3
Bitcoin will show a pattern even if it doesn’t exactly follow the 4-year cycle.
Saad Ahmed is the head of Gemini APAC Region. told Cointelegraph at Token2049 The following are some examples of how to use “it ultimately stems” From people overextending and becoming excited, “then you kind of see a crash, and then it kind of corrects to an equilibrium.”
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Many analysts believe Bitcoin will post substantial gains by the end of this year. Timothy Peterson, an economist at Cointelegraph said on Tuesday there’s a 50% probability that Bitcoin will end the month over $140,000. simulations using data The past decade
Joe Burnett (director of Unchained’s Market Research) and Arthur Hayes (co-founder of BitMEX), both have predicted that Bitcoin could reach as much as $250,000.
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Source: cointelegraph.com
