Legendary Trader Peter Brandt Breaks Silence on Chances for New Bitcoin ATH

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As an analyst with decades of experience in commodities trading, I find myself intrigued by Peter Brandt’s latest take on Bitcoin’s potential to reach a new all-time high (ATH). Having witnessed market cycles since the 1970s, I can appreciate Brandt’s unique perspective and insights.

As an analyst with years of experience in commodities trading dating back to the 1970s, I recently took notice of veteran trader Peter Brandt’s insights on Twitter regarding Bitcoin, the world’s leading cryptocurrency. In his latest post, Brandt shared his thoughts about Bitcoin potentially reaching a new all-time high soon.

Peter Brandt on probability of new Bitcoin ATH

In simpler terms, a trader is cautioning that reaching a new record peak might take more time following this year’s halving event compared to past periods after halving events have occurred.

Peter Brandt predicts that the ongoing Bitcoin bull market will likely surpass the longest post-halving period leading to a new all-time high, surpassing both the 24-week and 25-week figures from the 2015-2017 and 2018-2021 cycles respectively. The current bull market started in 2022 and has already spanned 23 weeks as of now, according to data shared by the expert trader.

Nevertheless, Brandt cautions that the findings might suggest there will be no new All-Time High (ATH) in the future.

As a seasoned cryptocurrency investor with over a decade of experience under my belt, I must share some insights about the current bull market cycle for Bitcoin (BTC). Given that we are approaching the longest period since the halving without hitting a new All-Time High (ATH), it could potentially suggest that a new ATH might not be imminent. My personal observation aligns with this perspective, as I have witnessed similar patterns in previous cycles. However, it’s essential to remain cautious and open-minded, as the crypto market is known for its volatility and unpredictability. Always do your due diligence before making investment decisions.— Peter Brandt (@PeterLBrandt) August 21, 2024

Bitcoin ATH this year breaks regular pattern

The responses to the tweet from commentators varied. While some shared the sentiment of the seasoned trader, they still anticipate Bitcoin could hit a record high, albeit not as quickly as it did in past halving events. On the other hand, others argued that this year, Bitcoin surpassed its previous historical peak before reaching an all-time high, largely due to the approval of spot Bitcoin ETFs.

On March 14th, the record-breaking price point of $73,750 was attained, and the halving event occurred about a month later on April 20th.

On Tuesdays session, Bitcoin unexpectedly formed a giant red candlestick on an hourly chart, causing it to plummet from the $60,920 region down towards the $58,760 level. However, since then, Bitcoin has been able to regain some ground and currently hovers around the $59,330 mark.

The massive transfer of nearly $710 million in Bitcoin by the former Bitcoin exchange Mt. Gox to centralized cryptocurrency exchanges was a significant factor leading to the drop in BTC prices. This move is part of their ongoing process of compensating their creditors, having already disbursed approximately $3 billion in Bitcoin and Bitcoin Cash last month through platforms like BitGo, Kraken, and Bitstamp.

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2024-08-21 16:56