![Is the bull crushed? Legendary Trader Peter Brandt Warns of Impending Bitcoin Collapse](https://u.today/sites/default/files/styles/736x/public/2024-04/47714.jpg)
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Renowned trader Pierre Brandt recently published an insightful analysis titled “Does History Show Bitcoin Dominated?”
In his new essay, the veteran trader delves into the concept of exponential decay, suggesting that Bitcoin bull market cycles have gradually lost momentum over time.
Brandt highlights four important bull cycles in the history of Bitcoin, the surge marking the fifth. He notes a worrying trend: each successive cycle has seen an exponentially decreasing progression, indicating a loss of approximately 80% of the momentum of previous cycles.
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Applying this trend to the current cycle, the expert predicts a potential peak of around $72,723, a figure already reached in recent trading. While recognizing the historic impact of the halving of events on the Bitcoin PriceBrandt highlights the sad reality of exponential decay, suggesting that there is a 25% chance that BTC has already reached its peak for this cycle.
In the event of a market top, he speculates on possible price retracements, forecasting a decline to the mid-$30,000 per dollar. BTC or even revisit the 2021 lows. Despite the bearish implications, he views such a correction as potentially bullish in the long term, drawing parallels with similar chart patterns seen in the gold market.
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Brandt concludes his analysis by acknowledging the weight of the data, stating: “Do I believe the analysis that has just been presented? I don't want to, but the data speaks for itself. »