Bitcoin Bull Market May Have Peaked, Predicts Veteran Analyst Peter Brandt

According to BlockBeats, Peter Brandt, a seasoned chart analyst and founder of Factor Trading who successfully predicted the Bitcoin crash in 2018, has suggested that the Bitcoin bull market may have reached its peak. He anticipates that the cryptocurrency's price could drop by nearly 50%. Brandt believes there is a 25% chance that the bull market cycle has ended after Bitcoin hit a high of around $73,000 in March. He predicts that Bitcoin's price will fall back to the low of over $30,000 in 2021, a drop of about 50% from the current level. Brandt's argument is based on his concept of 'exponential decay', which suggests that each bull market cycle of Bitcoin from 2009 to 2021 has seen a decrease of about 20% compared to the previous cycle. Based on this, he calculates that the increase in this bull market is expected to be about 4.5 times that of the previous cycle (2018-2021), resulting in a predicted high point of $72,723. After Bitcoin broke through this milestone in March, it could mean the end of this bull market. However, Brandt believes that if Bitcoin loses momentum after a significant rise, it could be the most beneficial in the long run. He points out that gold has a similar trend, with gold hitting a low at the end of 2022 after a period of significant rise, and then rebounding sharply to a new high this year.