According to U.Today, Peter Brandt has issued a bearish warning about Bitcoin, the leading cryptocurrency, in a recent post on the X social media platform. Despite Bitcoin's recovery from a recent market plunge, Brandt noted that the cryptocurrency has recorded a sequence of lower highs and lower lows. This pattern might indicate that the current price momentum is losing its strength.

Market sentiment has shifted from extreme fear to greed in just a few days. On July 17, Bitcoin's price reached $66,129, the highest level since June 20. The recent rally has been fueled by expectations of a looser monetary policy in the U.S. and strong demand for Bitcoin exchange-traded funds (ETFs). However, the price briefly dipped below $64,000 due to the underperformance of U.S. equities.

Brandt previously claimed that Bitcoin could possibly peak at the $150,000 level during this cycle but did not exclude the possibility of Bitcoin failing to reach a new peak. He sees a 25% chance of such a scenario playing out. At press time, Bitcoin is trading at $64,943, according to CoinGecko data.