Lower Highs and Lows: Peter Brandt Sounds Alarm on Bitcoin
Veteran Trader Peter Brandt Turns Bearish on Bitcoin—Here’s Why
Peter Brandt, a well-known trader with decades of experience, recently voiced a more cautious outlook on Bitcoin, raising concerns among crypto enthusiasts. Brandt pointed out some unsettling signs in the current market—Bitcoin's price has been making lower highs and lows, and there seems to be a lack of momentum behind its recent movements. This shift has sparked discussions about the potential for further price drops in the near future.
Key Points:
- Peter Brandt has taken a bearish stance on Bitcoin, predicting more downside.
- Bitcoin’s pattern of lower highs and lows suggests a bearish trend, leading to increased worry among investors.
- Despite the concern, some analysts are still holding out hope for a reversal, based on past market behavior.
Why Peter Brandt is Worried
In a recent post on X (formerly Twitter), Peter Brandt shared his thoughts on Bitcoin's current price action, and they weren’t exactly encouraging. He pointed to the ongoing trend of lower highs and lower lows, a clear sign of a bearish market. On top of that, Brandt noted a worrying lack of buying interest and energy—something that’s quite unusual for Bitcoin, especially in the period after a halving event.
According to Brandt, this sluggish behavior is particularly notable because it marks the longest time Bitcoin has gone without hitting a new all-time high in any post-halving cycle. What sets Brandt’s analysis apart from other experts is that he measures Bitcoin’s market cycles differently. Instead of focusing solely on the halving, he starts from the last bear market low, which was in November 2022, and tracks up to the peak reached in March 2024. He pointed out that not only has this high not been surpassed, but even when adjusted for inflation, Bitcoin’s previous bull cycle high hasn’t been broken either. This is part of what’s feeding his more bearish outlook.
Naturally, Brandt’s take has stirred up debate, with many investors wondering what’s next for Bitcoin. If Brandt’s analysis holds true, Bitcoin might be facing more downside unless the market manages to regain some momentum.
What Could Happen Next for $BTC?
Peter Brandt isn’t the only expert raising flags. Crypto analyst Ali Martinez recently weighed in with a similar concern. Martinez highlighted a key technical signal in Bitcoin’s 2-month chart—specifically, a reversal in the Stochastic RSI, shifting from bullish to bearish. Historically, this kind of signal has been followed by significant corrections, sometimes as large as 75%. If history repeats itself, Bitcoin could be in for a rough ride.
Adding to the worry, data from Santiment reveals that Bitcoin is losing some ground to other major cryptocurrencies like Ethereum and Tether. Over the past three months, the total number of Bitcoin wallet holders has dipped by 0.1%, while Ethereum and Tether have seen a boost in wallet growth. This could indicate that some investors are starting to shift their attention (and money) toward other digital assets, putting even more pressure on Bitcoin’s price.
And then there’s September, a month that historically hasn’t been kind to Bitcoin traders. While many expect lackluster performance in the short term, not all hope is lost. Some analysts are pointing to a potential 50 basis point rate cut from the US Federal Reserve as a possible catalyst for a Bitcoin rebound. However, other global factors, like the Bank of Japan’s potential interest rate hike, could complicate things and put more strain on Bitcoin’s price outlook.
As of now, Bitcoin’s price is down about 1.02%, sitting at $57,840, with trading volume also down 3.22% to $26.90 billion. Investors are watching closely to see whether Bitcoin can shake off this bearish pressure, or if a deeper correction is on the horizon.
