- Peter Brandt identifies bearish patterns in Bitcoin’s price: lower highs and lower lows signal market pessimism.
- Current Bitcoin cycle’s unusual delay to reach new ATH post-halving could indicate a prolonged bear market.
Peter Brandt, recently shared insights on Bitcoin, indicating potential challenges for its market value. He observed a consistent pattern of lower highs and lower lows in Bitcoin’s pricing, typically a bearish indicator suggesting reduced investor confidence and potential for further price decreases.
Brandt noted the downward trend in these lows, interpreting it as an indicator of decreasing market momentum. This observation aligns with common technical analysis principles that view such trends as indicative of ongoing market declines.
Further compounding the issue, Brandt pointed out the unusual delay in reaching a new all-time high (ATH) since the last Bitcoin halving event. Historically, such milestones have followed halvings more promptly, making this delay notable in Bitcoin’s market behavior.
Currently, Bitcoin’s price stands at $58,164, with September historically being a low-performing month for the cryptocurrency. Additionally, the market has seen a decrease in inflows to Bitcoin-specific exchange-traded funds (ETFs), with BlackRock’s IBIT experiencing outflows, which could suggest a dampening interest among investors.
Bitcoin $BTC
Three things to note
1. Ongoing series of lower highs, lower lows
2. Downward slope of lows shows lack of energy
3. No other post halving time in BTC history when new ATH has taken this long
Make of all this what you might pic.twitter.com/8XjRAKpcbb— Peter Brandt (@PeterLBrandt) September 3, 2024
Despite previous predictions by Brandt that Bitcoin might reach as high as $150,000 during this market cycle, he also considers a 25% likelihood that its peak price was already achieved in March. If this scenario holds true, Bitcoin could enter a period of rapid decline in value, termed “exponential decay.”
As in other reports on ETHNews, these factors together present a complex picture for Bitcoin, indicating both a potential for decline and an uncertain future based on historical and current market data.
BTC Accumulation and Distribution Zones
- Accumulation Phase: Over recent weeks, Bitcoin has shown signs of accumulation near the $58,000 to $60,000 range. This phase is characterized by consolidation and low volatility, indicating that institutions may be accumulating BTC without causing significant price fluctuations.
- Distribution Phase: If Bitcoin approaches resistance levels around $62,000 to $65,000, this could signal a distribution phase where institutions start to offload their holdings gradually, potentially leading to a price correction.
The current price of Bitcoin (BTC) is approximately $56,793.81 USD, showing a decrease of 4.11% in the last 24 hours. The day’s trading range has been between $55,676.52 and $57,896.81 USD.
Over the past 52 weeks, Bitcoin has traded in a range of $24,930.30 to $73,750.07 USD. The market capitalization is around $1.122 trillion, with a 24-hour trading volume of about $31.04 billion.
