Peter Brandt says Bitcoin’s price is set to reach unprecedented heights as long it does not peak in the coming days.
“It is reasonable to expect a bull market high any day now,” Brandt said to Cointelegraph Wednesday that Bitcoin (BTCThe historical pattern of the previous three cycles is a good indicator.
“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 said.
Bitcoin reached its turning point Sunday
Brandt said that Bitcoin’s current cycle bottom was reached on November 9, 2022. This is 533 days prior to the Bitcoin halves on April 20, 2020.
“Add 533 days to April 20, 2024, and bingo, it is this week,” He added. This date was Sunday. It happened just one day after Bitcoin reached a record high of $126,100.
However, Brandt emphasized, “there is always an ‘except,'” Bitcoin could play a major role in the future price. “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 fashion, Bitcoin follows them with consistency.
“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 stated that he has a 50/50 chance of winning. “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 said.
Bitcoin four-year cycle debate continues
The debate over the four-year crypto cycle continues, especially with the advent of ETFs, corporate digital assets treasuries, and institutional adoption.
Crypto analyst Rekt capital said in July that the same thing if you were to be a crypto. Bitcoin cycle follows the 2020 Markets will peak most likely in October.
“We have a very small sliver of time and price expansion left,” Rekt stated on July 3.
Bitcoin, according to some people, will not necessarily follow the exact four-year cycle. However it may still show patterns.
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” People overextending themselves and getting too excited is a common problem. “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 From the last decade.
Joe Burnett (director of Unchained’s Market Research) and Arthur Hayes (co-founder of BitMEX), both have predicted that Bitcoin could reach $250,000.00 by 2025.
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Source: cointelegraph.com
