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Peter Brandt, a veteran analyst who predicted Bitcoin’s collapse in 2018, said it’s an indicator that the market leader’s bull run is over.
“The crux of the matter is that Bitcoin market bull cycles have lost a great deal of momentum over the years,” Brandt said in an April 26 blog post.
Referring to a statistical concept called Exponential Decay, the analyst said that the bull cycle has been 80% smaller than its predecessor in terms of expansion obtained.
As for the existing cycle, Brandt estimates that BTC will grow approximately 80% of the expansion, 22 times more than the leading cryptocurrency recorded in the previous cycle between 2018 and 2021.
With an existing cycle low of $15,473, Brandt forecasts a peak of $72,723. This is just below BTC’s all-time high (ATH) of $73,750. 07 reached on March 14, prompting Brandt to speculate that the market leader’s bull run would possibly be on top.
Brandt estimates the probability of such an end result to be 25%, but suggested investors pay attention to the “real” short-term risk of an uptrend from an exponential decline.
If the market leader peaks in the last cycle, cryptocurrencies could suffer a sharp correction, he said. BTC could simply “get back into the mid-30s or 2021 lows,” Brandt said.
This potential pullback would be “as bullish as possible from a long-term perspective,” he added.
Brand had made a bullish prediction for the king of cryptocurrencies in February.
– Peter Brandt (@PeterLBrandt) February 27, 2024
After a “push above the upper boundary” of a 15-month channel, he estimated that BTC would continue until about August 2025. He predicted that Bitcoin could peak at $200,000, an increase from its previous target of $120. k.
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Steven is a passionate innovator in the fields of cryptocurrencies and blockchain technology. It ranked among the top five in the world in robotics and began its exploration of those emerging technologies in 2014. After briefly reading computer science at the University of Texas at Arlington. , went on to actively contribute to the crypto space.
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