BCGAME - Free 5BTC Daily Bonus!Peter Brandt, veteran chart analyst and CEO of Factor LLC, expressed his concerns about the Bitcoin (BTC). In a recent report, the cryptocurrency expert suggested that the largest cryptocurrency's bullish trajectory may have come to an end.
According to information do Coindesk, when analyzing the current scenario Brandt highlighted that the Bitcoin bull market may have reached its peak. “Bitcoin has historically traded within a roughly 4-year bull/bear cycle, often associated with halving events. There have been three major bull market cycles since the initial bull cycle and each cycle was 80% less powerful than its predecessor in terms of the price multiple earned,” he said.
The analyst's recent prediction is contrary to what was released in February that Bitcoin's bullish cycle could extend until September 2025, with prices reaching US$200.000.
“If the constant statistics of the 80% drop are true, the [record] maximum in bitcoin of US$73.835 on March 14, 2024 has already reached a price consistent with the historic exponential drop,” highlighted Brandt.
On his official X account, the analyst commented on the February forecast, writing: “Note that I have assigned a 25% probability to my analysis. I give more credence to a report I published in February. Here is a graph of that analysis – projecting a bull market until September/October 2025.”
Note that I assigned a 25% probability to my analysis. I give more credibility to a report I issued in February. Here is a chart from that analysis — projecting a bull market until Sep/Oct 2025 https://t.co/hiSogUtEkt pic.twitter.com/Y5I8g5JWwa
- Peter Brandt (@PeterLBrandt) April 29, 2024
Peter Brandt raises Bitcoin target to 2025
In February, veteran trader and experienced chart analyst Peter Brandt raised its September 2025 price target for the largest cryptocurrency on the market, Bitcoin (BTC), from $120.000 to a staggering $200.000. The new price target came after the cryptocurrency broke a significant barrier on February 27.
In a stunning turnaround at that time, Bitcoin (BTC) reached new heights, breaking the $57.000 barrier. The price zone reached has not been seen since November 2021, marking a very significant recovery for Bitcoin.
In March, Bitcoin entered a very significant bull run, marking a new all-time price record. The highest price paid for Bitcoin (BTC) was $73.737,94, recorded on March 14. Comparatively, the current price is 15,51% lower than the historical peak of the largest cryptocurrency.
At the time of publication, the Bitcoin price it was quoted at US$62.898,70, down 1.0% in the last 24 hours.
