Peter Brandt has suggested that Bitcoin may have peaked and is nearing the end of its bull cycle. The analyst bases his view on a combination of the Relative Strength Index (RSI) and other technical indicators. A decline in the RSI at each new peak indicates that the buying momentum is weakening and a potential correction is possible with limited growth in Bitcoinâs price.
Peter Brandt has shared a chart that provides important clues about a possible price movement for Bitcoin. The chart suggests that Bitcoin may have peaked and the current bull cycle may be over. With the RSI falling steadily and a persistent decrease in buying momentum, this chart predicts a limited short-term increase in Bitcoinâs price and a potential correction. Furthermore, the chart is forming a larger cycle top, indicating that Bitcoin may face significant resistance in the future.
Bullish Momentum and Bearish Pressure
According to Brandtâs analysis, Bitcoinâs bullish momentum has largely diminished, making it more vulnerable to downside pressure. The analyst emphasized that investors trying to understand Bitcoinâs price action should have a good grasp of these patterns. The chart indicates that Bitcoin may have peaked and the current cycle may be exhausted, increasing the risk of a significant decline.
This assessment also reflects the current volatile state of the cryptocurrency market. The market is experiencing instability due to various factors such as macroeconomic factors and regulatory changes. However, institutional investors continue to play a significant role in the market and the recovery seen in institutional inflows potentially points to a continuation of the uptrend.
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