Peter Brandt, a professional chart analyst and the founder of Factor Trading, who successfully predicted the Bitcoin crash in 2018, has indicated that the Bitcoin bull market may have already peaked. He predicts that the price of Bitcoin will drop by nearly 50%, falling back to its low point of over $30,000 in 2021.
Brandt’s argument is based on his proposed concept of “exponential decay,” where each bull market cycle of Bitcoin from 2009 to 2021 has seen a decrease of approximately 20% compared to the previous cycle. Based on this calculation, he estimates that the current bull market will likely be around 4.5 times the previous cycle (2018-2021). Therefore, he predicts that the peak of this cycle will be around $72,723. The breakthrough of this milestone by Bitcoin in March may imply the end of this bull market.
However, Brandt points out that if Bitcoin loses momentum after such a sharp rise, the situation may not be as bad as it seems. He highlights that gold has experienced a similar trend, reaching a low point at the end of 2022 after a significant increase, and then experiencing a substantial rebound to a new high this year.
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Tags: Factor Trading, Peter Brandt, Bitcoin, bull market, gold
Source link:
https://markets.businessinsider.com/news/currencies/bitcoin-price-prediction-c…
Note: All articles from Bitpush represent the author’s viewpoint and do not constitute investment advice.
Original article link:
https://www.bitpush.news/articles/6656740
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