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In a recent post on the X social media, Peter Brandt issued a bearish warning about Bitcoin, the leading cryptocurrency.
Despite the fact that the cryptocurrency has managed to recover from the recent market plunge in a relatively short amount of time, Brandt has noted that the cryptocurrency has recorded a sequence of lower highs and lower lows.
The sequence of lower highs and lower lows might indicate that the current price momentum is already losing its strength.
It continued despite the halving and the hype surrounding Bitcoin exchange-traded funds (ETFs).
Alex DovbnyaAs reported by U.Today, market sentiment shifted from extreme fear to greed just in just mere days.
On July 17, the price of Bitcoin reached $66,129, the highest level since June 20. Bitcoin's most recent rally has been fueled by expectations of a looser monetary policy in the U.S. as well as strong demand for Bitcoin ETFs.
Yesterday, the price of the leading cryptocurrency briefly dipped below the $64,000 level due to the underperformance of U.S equities.
How high can Bitcoin possibly go? It is worth noting that Brandt previously claimed that the leading cryptocurrency could possibly peak at the $150,000 level during this cycle. At the same time, he did not exclude the possibility of Bitcoin failing to reach a new peak. In fact, the prominent commodity trader sees a 25% chance of such a scenario playing out.
At press time, Bitcoin is changing hands at $64,943, according to CoinGecko data.
Tomiwabold Olajide
Mushumir Butt