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, in a statement to Cointelegraph published on Wednesday (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 stated.
The Bitcoin cycle reached a turning point on Sunday
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,'” 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 said that, while the market cycles do not always follow the same pattern, Bitcoin’s followed it consistently.
“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 stated.
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.
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 Ahmad, Gemini’s APAC regional head, told Cointelegraph at Token2049 You can also find out more about us here. “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.”
Related: Bitcoin due for squeeze as record $88B open interest sparks ‘flush’ worries
Analysts expect Bitcoin’s price to rise significantly before the end 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 and Arthur Hayes, co-founder of BitMEX, director of Unchained’s market research department, both predict that Bitcoin will reach $250,000 at the end of 2025.
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Source: cointelegraph.com
