Legendary trader Peter Brandt looked at Bitcoin’s bull market cycle from a different perspective. Popular analyst Ali Martinez mentioned a sell signal for Bitcoin. The analyst nicknamed Bluntz predicts that it will reach the top in a short time.
Declining momentum in Bitcoin bull cycles
Famous trader Peter Brandt has expressed doubts about the sustainability of Bitcoin’s ongoing bull market cycle. In this context, Brandt asks, “Does history show that Bitcoin has reached its peak?” He shared a detailed analysis titled. Here, the analyst highlights trends in Bitcoin’s historical price cycles that show decreasing momentum over time. Brandt notes that Bitcoin has had four significant bull cycles in its history, and the current surge marks the fifth. It highlights a disturbing pattern. Here, exponential advances decrease with each successive cycle. It is also losing about 80% of the momentum from the previous cycle.
Applying this trend to the current cycle, Brandt predicts a potential top around $72,723. cryptokoin.comAs you follow from , BTC has already reached this level recently. Despite the impact of halving events on Bitcoin’s price, Brandt highlights the sobering reality of exponential decline, arguing that there is a 25% chance that Bitcoin has already reached its peak for this cycle.
Speculations regarding the market top
Peter Brandt predicts that if the market reaches its top, BTC could drop to mid-$30,000 and even see the 2021 lows again. This leads to speculation about potential price declines. However, the analyst sees such a correction as potentially bullish in the long term. It also draws parallels with similar chart patterns observed in the gold market.
“Bitcoin gave two sell signals on the 12-hour chart!”
Experienced analyst Ali Martinez also updated his perspective on Bitcoin (BTC). The analyst notes that BTC has given two sell signals on the 12-hour chart. In this context, the analyst noted, “A ‘death cross’ between the 50 and 100 SMA (simple moving average) and a red 9 candlestick from TD Sequential. If BTC falls below $63,300, be prepared for possible declines to $61,000 and even $59,000.” says.
“The leading cryptocurrency has signaled a reversal!”
The popular analyst nicknamed Bluntz says that Bitcoin is signaling a reversal on the one-hour chart. According to the analyst’s chart, Bitcoin has formed a bullish divergence where the price is following a downward trend and the Relative Strength Index (RSI) indicator is on an upward trajectory. Meanwhile, RSI is a momentum oscillator used to identify overbought or oversold conditions. “I still look at it from a risk-on perspective,” the analyst said. However, I think it will reach ATH levels in the next one to two weeks.” says.
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