As a seasoned investor with over two decades of experience under my belt, I find Peter Brandt’s analysis both insightful and concerning. His observations about Bitcoin’s downward trend and lack of energy are hard to ignore. The prolonged period without reaching a new all-time high post-halving is indeed unusual, and it warrants closer scrutiny.
I think it’s important that we have a healthy discussion about the financial system, so let’s talk about the banking industry. “)
Initially, he pointed out that the biggest digital currency has been creating a pattern of successive smaller peaks (highest points) and troughs (lowest points). This downward trend usually means decreasing investor enthusiasm or pessimism. Often, this pattern is seen as a potential change in direction for the market, suggesting a possible shift from bullish to bearish conditions.
I’m not sure what you mean. Can you explain it? A downward slope typically indicative of a downtrend would be like saying, “The company has a downward trend in its industry.”
Ultimately, Brandt – renowned as one of the world’s foremost experts in traditional chart analysis – pointed out that no previous Bitcoin era following a halving event has seen a new record high (peak value) being reached as late as it currently is.
As a seasoned crypto investor, I base my assessment of this ongoing Bitcoin cycle by tracing it back to its lowest point during the previous bear market, which occurred in November 2022.
It seems that the company was changing hands at $58,164. But as we mentioned earlier, CoinGecko data has historically been the cryptocurrency’s worst-performing month. As of recently, Bitcoin has been suffering from underwhelming ETF flows. Last week, for instance, BlackRock’s IBIT recorded outflows for the second time since its launch.
It seems that the flagship cryptocurrency can skyrocket to $150,000, but it did not rule out that Bitcoin could have peaked back in March. The latter scenario had a 25% probability as of June, which would start a phase of “exponential decay” for the leading cryptocurrency.
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2024-09-03 23:59