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In the world of cryptocurrency, the atmosphere has been somewhat stagnant for about the last month. At this stage, what we see is Bitcoin‘s price moving forward and then pulling back, causing confusion among investors. This is because whenever the cryptocurrency Bitcoin pulls back, there is a larger decline in altcoins, leading to significant losses for those invested in them.
Has Bitcoin’s Bull Run Ended?
As these developments unfold, comments begin to surface suggesting the end of Bitcoin’s bull run. Prominent trader and analyst Peter Brandt, in his latest comprehensive analysis, raises the question, “Does history show that Bitcoin has reached its peak?” The experienced Bitcoin and cryptocurrency trader examines the concept of exponential decay, arguing that the momentum of Bitcoin’s bull market cycles is diminishing over time.
Brandt highlights four major bull cycles, noting that the current fluctuation is the fifth and points to a concerning trend: each cycle’s exponential progress diminishes, with about 80% of the previous cycles’ momentum lost. He applies this trend to the current cycle, predicting a potential peak around $73,777, which has already been reached in recent transactions.
While Brandt acknowledges the historical impact of halving events on the flagship cryptocurrency Bitcoin’s price, he emphasizes the sobering reality of exponential decline, suggesting there is a 25% chance that BTC has already reached its peak for this cycle.
Emphasizing a Potential Drop to $30,000 for Cryptocurrency BTC
Should the market reach its peak, Brandt speculates on potential price retractions, foreseeing a drop to the mid $30,000s per BTC and even a return to the low levels seen in 2021.
Despite bearish effects, he views such a correction as potentially bullish in the long term, drawing parallels with similar chart patterns observed in the gold market.
Brandt concludes his analysis by acknowledging the weight of the data, stating, “Do I believe in the analysis I just presented? I don’t want to believe it, but the data speaks for itself.” At the time of writing this article, the price of the cryptocurrency Bitcoin was observed at $63,040.
