Bitcoin Faces Longest Wait For New All-Time High After Halving

According to Cointelegraph, Bitcoin (BTC) is experiencing an unprecedented delay in reaching a new all-time high following its latest halving event. Popular trader Peter Brandt highlighted in his recent analysis that Bitcoin's previous record high from 2021 remains unbroken on an inflation-adjusted basis. Brandt pointed out that BTC's price action has been disappointing for bulls and frustrating for new investors since its last all-time high in mid-March. The market has failed to reach the $73,800 level since then. Brandt noted that since the latest block subsidy halving in April, a record length of time has passed without a return to price discovery. Brandt explained that he measures cycles differently than most, referencing the nuances between BTC price cycles between macro highs and lows and halvings. He stated, "My cycle starts at the previous bear market low in November 2022. Then note the high of the cycle starting at the previous low prior to halving in March 2024. Not only has this high not been violated, but the high from the previous bull cycle on an inflation-adjusted basis is still intact." This perspective adds weight to the $69,000 level, the 2021 peak, as formidable resistance should BTC/USD stage a sustained recovery. However, Brandt emphasized that this does not mean Bitcoin has been in a downtrend since that time. Other analysts also see Bitcoin as far from out of the woods this month. Despite the anticipated easing of United States financial policy, on-chain analytics platform CryptoQuant suggested that BTC price movements will remain "frustrating." Contributor Crypto Dan wrote in a Quicktake blog post that due to the expected US base rate cut on September 18, a short-term rebound due to positive market sentiment can be expected. However, if the market atmosphere does not significantly reverse, frustrating movements are likely to continue into 2024. As Cointelegraph reported, one forecast even predicts that the Federal Reserve's anticipated September interest rate cut could drive Bitcoin down by up to 20%. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.