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Veteran trader Peter Brandt suggests that Bitcoin’s current bullish trajectory is mirroring patterns seen in previous post-halving cycles. If this trend continues, Brandt believes Bitcoin could potentially soar to $130,000 by late next year.
According to crypto trader Peter Brandt, Bitcoin could potentially reach a cycle peak ranging from $130,000 to $150,000 between late August and early September if it continues to follow the pattern of previous post-halving bull markets.
Brandt noted that the recent Bitcoin halving, which occurred on April 20, is a programmed event that reduces mining rewards by half roughly every four years. He emphasized in a June 2 report that these halving events have historically marked periods of “almost perfect symmetry within past bull market cycles.”
Brandt’s analysis suggests that the Bitcoin halving often takes place near the midpoint of a bull market’s start and its peak. For example, the last bull run began around 16 months before the May 11, 2020 halving and ended approximately 18 months after it.
He also pointed out that similar trends were observed in the two earlier halvings, which took place on July 9, 2016, and November 28, 2012.
Source: create.vista.com
Crypto trader Peter Brandt has suggested that Bitcoin could potentially reach a peak of between $130,000 and $150,000 between late August and early September if it continues to follow the patterns established in previous post-halving bull markets.
Brandt explained that the Bitcoin halving event on April 20 is a scheduled occurrence that halves mining rewards approximately every four years. He highlighted in a June 2 report that these halving events have historically coincided with periods of significant symmetry within bull market cycles.
According to Brandt’s analysis, the Bitcoin halving typically occurs around the midpoint of a bull market, between its onset and peak. He cited that the previous bull market commenced roughly 16 months before the May 11, 2020, halving and concluded about 18 months afterward.
Brandt also observed that similar trends were evident during the previous halvings on July 9, 2016, and November 28, 2012.
Despite this optimistic outlook, Bitcoin has declined from its all-time high of $73,679 set on March 14. Brandt has noted a 25% chance that Bitcoin may have already reached the peak of its current bull cycle, as gains from each bull market have been diminishing relative to previous cycles. If Bitcoin fails to surpass its previous all-time high and drops below $55,000, Brandt indicated he would increase the likelihood of the cryptocurrency experiencing what he described as “exponential decay.”
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