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Is Bull Run Over? Legendary Trader Peter Brandt Warns of Impending Bitcoin Collapse

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Sat, 27/04/2024 - 9:58
Is Bull Run Over? Legendary Trader Peter Brandt Warns of Impending Bitcoin Collapse
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Renowned trader Peter Brandt recently published an insightful analysis titled "Does history make a case that Bitcoin has topped?"

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In his new essay, the veteran trader delves into the concept of exponential decay, suggesting that Bitcoin's bull market cycles have gradually lost momentum over time.

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Brandt highlights four significant bull cycles in the history of Bitcoin, with the current surge marking the fifth. He notes a concerning trend: Each successive cycle has seen a diminishing exponential advance, indicating a loss of about 80% of the momentum from previous cycles.

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Source: Peter Brandt

Applying this trend to the current cycle, the expert projects a potential peak of around $72,723, a figure already reached in recent trading. While acknowledging the historical impact of halving events on the Bitcoin price, Brandt emphasizes the sobering reality of exponential decay, suggesting a 25% chance that BTC may have already reached its peak for this cycle.

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In the event of a market top, he speculates on potential price retracements, foreseeing a decline to the middle of $30,000 per BTC 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.

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Source: Peter Brandt

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."

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