According to U.Today, renowned trader Peter Brandt has recently published an analysis suggesting that Bitcoin's bull market cycles are gradually losing momentum. In his analysis, Brandt delves into the concept of exponential decay, indicating that each successive Bitcoin bull cycle has seen a diminishing exponential advance, with a loss of about 80% of the momentum from previous cycles.
The current surge marks the fifth significant bull cycle in Bitcoin's history. Applying this trend to the current cycle, Brandt projects a potential peak of around $72,723, a figure already reached in recent trading. Despite acknowledging the historical impact of halving events on the Bitcoin price, he emphasizes the sobering reality of exponential decay. He suggests there's a 25% chance that Bitcoin may have already reached its peak for this cycle.
In the event of a market top, Brandt speculates on potential price retracements, foreseeing a decline to the middle of $30,000 per Bitcoin or even revisiting lows from 2021. Despite the bearish implications, he views such a correction as potentially bullish in the long term, drawing parallels to similar chart patterns observed in the gold market.
Brandt concludes his analysis by acknowledging the weight of the data, stating, 'Do I believe the analysis just presented? I don’t want to, but the data speak for itself.'