Trader Peter Brandt said that Bitcoin is still 10% below its all-time high after its most recent halving. He said this while criticizing BTC’s slow rebound. Brandt says it’s taking BTC an unheard of amount of time to beat its all-time high, which is still 2021 when inflation is taken into account.
Bitcoin’s price has let buyers down since March 2024, when it hit a record high of $73,800. Brandt points out that the cryptocurrency’s price has not yet returned to discovery after the most recent block subsidy split in April.
“My cycle starts at prev. bear market low (Nov ’22). Then note high of the cycle starting at prev low prior to halving (Mar ’24). Not only has this high not been violated, but high from prev bull cycle on inflation adjusted basis still intact.”
Bitcoin Faces Longest Delay
This is the longest period of time in which the price has not reached a new high. He stresses how important the peak of $69,000 in 2021 is as a key level of resistance if Bitcoin is to recover greatly. Brandt makes it clear, though, that Bitcoin has not been going down since the peak, but the market is still careful.
Analysts at CryptoQuant also expect continuing instability. They say that Bitcoin’s price may stay unstable all the way through 2024, even though it might rise temporarily because of a possible US base rate cut on September 18.
“It is regrettable that the frustrating situation continues, but it seems necessary to wait for 2025 with a long breath and patience.”
Some predictions say that the Federal Reserve’s planned rate cut could lower Bitcoin’s value even more, by as much as 20%.
