Bitcoin still 10% down post-halving amid record delay to all-time high

Bitcoin is facing an unprecedented delay in reaching a new all-time high following its latest halving, according to prominent trader Peter Brandt. In his latest analysis on X, Brandt highlighted that Bitcoin's previous peak from 2021 remains unchallenged, even when adjusted for inflation.

Brandt: Bitcoin Lacks Momentum

Since reaching its last all-time high in mid-March, Bitcoin’s price action has been a source of disappointment for bulls and a challenge for new investors. Despite attempts to push higher, the market has yet to reclaim the $73,800 level that Brandt has noted. Following the most recent block subsidy halving in April, a record amount of time has passed without Bitcoin entering a new phase of price discovery.

Brandt, known for his unique cycle analysis, explained that he measures Bitcoin’s cycles differently than most. He begins his cycle analysis from the previous bear market low, which he identified in November 2022, and tracks the peak expected before the next halving in March 2024. So far, Bitcoin has not surpassed this anticipated peak, and when adjusted for inflation, the 2021 high of $69,000 remains a significant resistance level.

This perspective adds weight to the $69,000 mark, which could serve as a formidable barrier that Bitcoin must overcome if it is to sustain a meaningful recovery.

Bitcoin’s Struggles Continue Despite Fed Rate Cut

The outlook for Bitcoin remains cautious, with many analysts suggesting that it is still far from out of danger. Despite the upcoming easing of U.S. financial policy, on-chain analytics platform CryptoQuant recently indicated that Bitcoin’s price movements might continue to be "frustrating."

Crypto Dan, a contributor to CryptoQuant, noted in a Quicktake blog post that while a short-term rebound could occur due to positive market sentiment surrounding the anticipated U.S. base rate cut on September 18, the overall market atmosphere might not change significantly. If the market sentiment does not improve dramatically.