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Veteran trader Peter Brandt has sparked fresh discussion on Bitcoin’s (BTC) price after responding to an analyst’s indication that the market top is already in. In a tweet, Brandt weighed in on the analysis, stating:
"You did a fab job calling the top in Bitcoin. Very nice job contrary to the masses."
While Brandt did not explicitly state that BTC’s bull run is over, acknowledging the analyst’s call hints at a more cautious outlook.
Bitcoin has recently failed to retain momentum; at the time of writing, BTC was down 2.03% in the last 24 hours to $81,694, pressured by continued selling on the equities market. Earlier, the BTC price plummeted to $76,555, its lowest level since November. Since March 6, Bitcoin has declined for five consecutive days.
Gamza KhanzadaevAmid the price drop, market sentiment remains split, with some traders preparing for a further downturn, while some believe that BTC still has room for further gains.
A recent poll launched by IntoTheBlock on whether the Bitcoin price has peaked reveals this: 31.1% of respondents believe that Bitcoin's top might already be in, while 68.9% answered in the negative, hoping for further gains on the market.
What's next?
According to Glassnode, recent price action has proven the relevance of the short-term holder (STH) cost basis at $92,000 as a key momentum indicator for Bitcoin. Sustained breaks above typically signal bullish sentiment, while rejections end up in deeper corrections.
Tomiwabold OlajideGlassnode indicated that supply gaps from $90,000 down to $69,000 are slowly filling, with notable buildup between $80,000 and $90,000, yet supply remains thin around $70,000. Losing $80,000 could accelerate downside risk for BTC.
Meanwhile, the six-month BTC supply view shows major accumulation at two decisive levels: $98,000 with 268,000 BTC accumulated and $62,100 with 228,000 BTC accumulated.
Without a crypto-specific catalyst, macro concerns may continue to weigh on cryptocurrency prices in the near term. This week, the market will be watching for key economic indicators, including the consumer price index on Wednesday and the producer price index slated for Thursday.
Dan Burgin
Vladislav Sopov