According to Cointelegraph: Bitcoin is facing a significant delay in reaching new all-time highs post-halving, a trend that has disappointed bulls and concerned traders. According to popular trader Peter Brandt, Bitcoin’s slow progress compared to historical cycles has set a record, leaving many investors frustrated.
In his recent analysis on X, Brandt noted that Bitcoin’s previous peak from 2021, at $73,800, remains unchallenged. Despite the latest block subsidy halving event in April 2024, the asset has yet to approach a new all-time high, marking the longest-ever delay for such a milestone after a halving.
Record Delay to New Highs Post-Halving
Brandt highlighted that while Bitcoin has experienced cyclical highs and lows before, this time around, it has failed to break out from its previous record on an inflation-adjusted basis. He measures these cycles differently than many, starting from the previous bear market low in November 2022 and tracking the high that followed before the halving.
The lack of energy in Bitcoin’s price action has led to significant resistance at the 2021 peak of $69,000, posing a formidable challenge to recovery. Despite this, Brandt emphasized that Bitcoin has not been in a prolonged downtrend but is struggling to gain the momentum needed for price discovery.
Frustrating Price Action Despite Fed Rate Cuts
As the U.S. prepares for potential interest rate cuts in September, analysts suggest that Bitcoin’s price movements will likely remain sluggish. On-chain analytics platform CryptoQuant noted that while some short-term gains may occur due to positive sentiment surrounding the expected rate cuts, substantial recovery might not happen until 2025.
One forecast even suggested that the anticipated rate cut by the Federal Reserve could lead to a 20% decline in Bitcoin’s value, further extending the frustration for investors hoping for a breakout.
With Bitcoin still trading 10% below its all-time high, investors may need patience as the market continues to struggle post-halving. Analysts and traders alike are keeping a close eye on macroeconomic factors and waiting for signs of recovery, potentially in 2025.
