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After creating excitement and optimism with its rise between October 2023 and April 2024, concerns for Bitcoin (BTC) have peaked. Especially in the USA, the approval of nine spot Bitcoin exchange-traded funds (ETFs) in January and BlackRock’s involvement had raised hopes for institutional adoption. Following the heightened expectations, the block reward halving in April was also indicated, and price targets above $100,000 began to be given. Despite the high expectations, the largest cryptocurrency spent most of April declining, and a renowned figure with 40 years of experience in technical analysis made a frightening forecast.
Bitcoin Could Drop to $35,000
In March, Bitcoin reached $73,000 before it struggled to stay above the $57,000 threshold without dropping below $60,000. While some experts expect a dip and recovery in the first week of May, others, including experienced analysts, suggest the cycle may have already peaked.
Peter Brandt, founder of Factor Trading and an experienced chart analyst, recently suggested that the $73,000 level might represent the peak of this cycle with a 25% probability. Referring to a model called ‘exponential decay,’ which shows that each Bitcoin cycle is about 20% smaller than the previous one, Brandt argued that Bitcoin could soon drop to $35,000, the lowest level of 2021. Brandt had previously used this methodology to predict that the current rally would peak at $72,723.
Known for accurately predicting the major crash in 2019, experienced analyst Brandt continues to be on the side expecting a rise in BTC in the long term, despite the short-term downturn.
Continues Below the $60,000 Threshold
Whether Bitcoin has peaked in this cycle or is waiting for a larger bull run remains uncertain, but the largest cryptocurrency has recently been under strong selling pressure. At the time of writing, Bitcoin is trading at $59,915, up 0.52% in the last 24 hours. Data shows that the largest cryptocurrency has fallen over 10% in the last 30 days.
However, despite the current downward trend, Bitcoin has not lost its significant gains from the beginning of the year and is currently priced with a 34.43% increase year-to-date (YTD).
