When Bitcoin Loses Its Luster: Is Peter Brandt Saying “Buh-Bye” to the Bull Run? 🐃📉

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Bitcoin‘s having a rough time lately. It can’t seem to keep its momentum going. At the time of writing, it’s down 2.03% in the last 24 hours to $81,694. That’s like losing your lunch money and then some. The stock market isn’t helping either. Bitcoin’s price dropped to $76,555, its lowest level since November. And it’s been declining for five consecutive days since March 6. It’s like watching a slow-motion train wreck. 🚂🔥

But what do the experts think? Some traders are bracing themselves for a further downturn, while others are still holding out hope for bigger gains. It’s like a game of chicken, but with cryptocurrency. 🐔💰

IntoTheBlock conducted a poll asking if Bitcoin’s price has already peaked. According to the results, 31.1% of respondents believe that Bitcoin’s top might already be in, while 68.9% answered in the negative, hoping for further gains on the market. It’s like a coin toss, but with a lot more money at stake. 🎲💸

What’s next?

According to Glassnode, the short-term holder (STH) cost basis at $92,000 is a crucial momentum indicator for Bitcoin. If Bitcoin breaks above that level, it signals bullish sentiment. But if it gets rejected, it could lead to deeper corrections. It’s like playing a game of hot potato, but with a lot more zeros at the end. 🍠💰

Supply gaps from $90,000 down to $69,000 are slowly filling, with notable buildup between $80,000 and $90,000. But supply remains thin around $70,000. Losing $80,000 could accelerate downside risk for BTC. It’s like playing a game of Jenga, but with a lot more money at stake. 🪷💰

The six-month BTC supply view shows major accumulation at two decisive levels: $98,000 with 268,000 BTC accumulated and $62,100 with 228,000 BTC accumulated. It’s like watching a hoarder’s paradise, but with cryptocurrency instead of junk. 🗑️💰

Without a specific catalyst for cryptocurrency, macro concerns may continue to weigh on prices in the near term. This week, the market will be watching for key economic indicators, including the consumer price index on Wednesday and the producer price index on Thursday. It’s like waiting for the other shoe to drop, but with a lot more numbers involved. 🤓🔢

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2025-03-11 18:52