Peter Brandt stated that Bitcoin’s recent decline resembles the 2015-2017 cycle and that this situation could be a precursor to a major rise. According to his analysis, Bitcoin’s decline to $49,000 is parallel to the 26% decline in the previous cycle. Brandt advised investors to evaluate probabilities rather than definite outcomes.
Peter Brandt's Analysis and the 2015-2017 Cycle
Peter Brandt, who has over 40 years of experience in financial markets, drew attention to a significant breakout for Bitcoin (BTC) after the sharp decline experienced earlier this week. Brandt stated that Bitcoin could be on the verge of a strong upward trend.
In a post on X (formerly Twitter), Brandt stated that Bitcoin’s current price action is similar to a pattern that occurred in the 2015-2017 cycle, and that this pattern indicates a major rally. He emphasized that Bitcoin’s recent decline to $49,000 resembles a similar decline in the 2015-2017 bull market cycle. During that period, Bitcoin experienced a similar decline before reaching an all-time high. Brandt’s analysis is based on a chart comparing Bitcoin’s current trajectory to the 2015-2017 cycle, when a 26 percent drop following the block reward halving paved the way for a major rally.
Block Reward Halving and Its Importance
The concept of a block reward halving, which stands out in Brandt’s analysis, is an event where the BTC reward given to miners for each block they mine is cut in half. This event occurs on average every four years and has historically occurred before major bull runs. Brandt stated that the 26 percent drop following the last block reward halving is similar to the decline seen in the previous cycle and could potentially signal the start of a new uptrend.
"Bump, Hump, Slump and Dump" Chart
According to Brandt’s “bump, hump, slump, and dump” chart, BTC’s recent “dump” may have paved the way for a “pump” to levels above $90,000. The analyst’s analysis follows a historical pattern where Bitcoin has rebounded strongly following similar declines in the past.
Brandt advised investors to consider probabilities rather than certainties and to be cautious in the highly volatile cryptocurrency market, emphasizing the importance of considering multiple scenarios.
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