Bitcoin Bull Run Could Be Over: Analyst Predicts Steep Fall in Token’s Value

Bitcoin investors may be in for a rough ride ahead, as veteran chart analyst Peter Brandt warns that the cryptocurrency may have already peaked for this cycle. Brandt, who accurately predicted bitcoin’s price plunge in 2018, believes that the token could see a steep fall of up to 50% from its recent high of around $73,000 in March.

According to Brandt, each bull cycle of bitcoin from 2009 to 2021 has seen a decline in gains of about 20%. Applying this concept of “exponential decay” to the current rally, Brandt suggests that the high for this cycle may have already been reached, with a potential drop back to the mid-$30,000 range.

While this may sound alarming to investors, Brandt points out that a pullback after such significant gains could actually be a positive sign for the long-term health of bitcoin. He compares the potential decline to a similar move seen in gold, which experienced a sharp rally after hitting a low in late 2022.

After reaching a peak of $73,835 in March, bitcoin has struggled to maintain its momentum. The recent bitcoin halving, which was expected to be a bullish catalyst, has failed to drive prices higher. Additionally, concerns about hawkish monetary policy and stubbornly high inflation have weighed on the cryptocurrency in recent weeks.

As of Tuesday, bitcoin was trading around $62,955, down approximately 15% from its record high. While the future of bitcoin’s price remains uncertain, investors should brace themselves for potential volatility and a possible downturn in the near future.