According to crypto trader Peter Brandt, Bitcoin (BTC) is currently experiencing a downturn, with its price at $68,589. Brandt suggests that based on the trajectory of previous post-halving bull markets, Bitcoin could potentially peak between $130,000 to $150,000 in late August to early September.
The Bitcoin halving, which occurs approximately every four years, is a significant event that reduces mining rewards by 50%. Brandt notes that historically, the halving date has marked the midpoint between the start of a bull market and its peak.
He analyzed the last bull market, which began about 16 months before the May 11, 2020 halving and ended approximately 18 months later. Similar patterns were observed in the two previous halvings in 2016 and 2012. Brandt acknowledges that no analysis method is foolproof, but if the trend continues, he anticipates a peak in late August or early September 2025, with Bitcoin reaching $130,000 to $150,000.
Possibility that Bitcoin has surpassed
In Brandt’s perspective, the current bull market began on December 17, 2022. Back then, Bitcoin was trading at about $16,800, but it has since increased by nearly 300% to reach $67,882.
Although Bitcoin has dropped from its all-time high of $73,679 on March 14, Brandt thinks there is a 25% probability that the cryptocurrency has already reached a bull market peak because the gains from each bull cycle are becoming less than those from the previous one.
In the event that Bitcoin does not reach a new peak and falls below $55,000, Brandt believes there is a greater chance that the cryptocurrency is going through a period of “exponential decay.”
June 2024, Cryptoniteuae
