Has Bitcoin Price Reached Cycle Top? Here’s What Crypto Expert Peter Brandt Has to Say

The post Has Bitcoin Price Reached Cycle Top? Here’s What Crypto Expert Peter Brandt Has to Say appeared first on Coinpedia Fintech News

Bitcoin’s (BTC) price closed on a bearish note last week, which could entail the first non-performing month since August 2023. The flagship coin slipped 3 percent in the past 24 hours to trade around $62,227 on Monday during the early London session. With less than 48 hours to the end of April, which included the fourth Bitcoin halving, all indicators point to choppy days ahead.

Moreover, more crypto traders have opted to watch from the sidelines ahead of the May 1, 2024, FOMC statement and the release of the federal funds rate.

Peter Brandt on Cycle Top for Bitcoin

Legendary trader Peter Brandt has expressed that there is a 25 percent chance that the recent $74k Bitcoin price was its cycle top. Brandt argued that Bitcoin’s price has been maturing through an exponential decay, akin to diminishing returns. 

As a result, Brandt highlighted that Bitcoin price is en route to a fresh bear season that will see the instrument drop towards $30k. 

Contrary Opinions 

Brandt, however, indicated that he stands with his former prediction of Bitcoin price rallying above $100k in this bull cycle. Notably, a similar prediction was issued by Giovanni Santostasi, a veteran Bitcoin investor with a Ph.D in Astrophysics.

According to Giovanni in a recent medium post, Bitcoin price will reach as high as $210,000 based on several scientific models. Additionally, the analyst added that if Bitcoin reaches $210k this cycle, the instrument will drop as low as $83,000 in the next major bear market.