bitcoin-eyes-the-gold-throne-market-guru-says/” rel=”nofollow”>crypto expert Peter Brandt has boldly stated that bitcoin's top for this market cycle may already be reached. He came to this conclusion based on his “exponential decay” thesis, which he noted may actually be good for the bitcoin ecosystem.
Why bitcoin Price Has Peaked
Brandt bitcoin-has-topped/” rel=”nofollow”>explained That historical data suggests that the price of bitcoin has peaked. Additionally, he alluded to “exponential decay,” which he noted could be used to describe bitcoin. Brandt's exponential decline thesis is based on the fact that bitcoin's percentage gain has shrunk significantly in each subsequent bull cycle.
For context, bitcoinaccording to the crypto expert, it recorded a 122-fold increase from its market low to its market high between 2015 and 2017. However, that was only 21.3% of bitcoin's price increase in the previous cycle (between 2011 and 2013).
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Brandt further noted that the same thing happened between 2018 and 2021. Despite a 22-fold increase from its market low to its market high, bitcoin only recorded 18% of the price increase it experienced in the previous cycle. Having established this premise, the crypto expert concluded that this market cycle should be no different as bitcoin-could-reach-170000-post-halving/” rel=”nofollow”>bitcoin We are likely to see around 20% of the price increase recorded in the previous cycle.
Taking $15,473 as the market low for this cycle, he noted that 20% of the previous cycle's gain would mean that the market high for this cycle was supposed to be $72,723, a price level that bitcoin has already reached on its way to a bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>new all-time high (ATH) of $73,750.
Meanwhile, the crypto expert acknowledged that bitcoin historically records its biggest price gains after the bitcoin-bull-market-glassnode/” rel=”nofollow”>Halving bitcoin, which happened recently. However, he added that the crypto community has to deal with the fact of exponential decline, which has made him believe that there is a 25% chance that bitcoin has already overcome this cycle.”
Why Exponential Decline Could Be Bullish for bitcoin
Brandt mentioned that bitcoin would likely fall to bitcoin-price-30000-all-time-high/” rel=”nofollow”>around $30,000 or their 2021 lows, if they have actually surpassed them. However, he added that this drop could be “the most bullish thing that could happen from a long-term perspective.”
Related Reading: Prepare for Price Impact: Dogecoin Whales Move 456 Million DOGE to Exchanges
From a “classic graphical point of view,” the crypto expert hinted that bitcoin was still primed for main parabolic movements upwards, although that does not happen now.
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He also shared an example of what the bitcoin chart could look like when this move occurs with the crypto token. rebounding above $100,000. Brandt also alluded to gold's chart from August 2020 to March 2024 as an example of what bitcoin price action could look like soon enough. Curiously, he bitcoin-eyes-the-gold-throne-market-guru-says/” rel=”nofollow”>recently predicted that bitcoin will soon be the “King of Gold.”
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btc price drops below $63,000 | Source: BTCUSD on Tradingview.com
Featured image from Forkast News, chart from Tradingview.com
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