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In a recent social media post, prominent commodity trader Peter Brandt has suggested that the price of Bitcoin has already topped.
However, even if that is the case, he believes that traders should not "whine" about an 8.2X advance.
Bitcoin's underwhelming year
The leading cryptocurrency is up by a mere 15.6% this year despite the fact that the U.S. dollar has had one of its worst years in decades.
Bitcoin has managed to only slightly outperform the S&P 500 index, which is up by 14.5% despite the fact that the latter has a humongous market cap of $57.4 trillion (which is roughly 27 times the Bitcoin market cap).
For comparison, gold has rallied by roughly 67%, crushing Bitcoin and even various alternative cryptocurrencies.
Failing to recover
On Monday, Bitcoin seemingly started the week on a high note, rallying above the $111,000 level.
However, the flagship cryptocurrency has since pared some of the gains, dipping below $108,000 earlier this Tuesday amid persistent concerns about trade tensions between the US and China.
Bitcoin is currently down 14% from its record high of $126,080 that was reached on Oct. 6.
The odds of Bitcoin surging to $130,000 have now dropped to just 5% on the Polymarket betting platform.
Is big consolidation over?
Earlier today, analytics firm 10x Research opined that Bitcoin is struggling to surge higher due to legacy wallets offloading tons of BTC. "It took time for the market to catch up to this narrative, but eventually the promoters ran out of bullish arguments to keep it alive," the firm noted.
Moreover, Strategy's recent Bitcoin purchases are not even remotely impressive enough that fresh capital will drive the cryptocurrency's next leg up.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team