Previous-school commodities dealer Peter Brandt, who has been on this enterprise for the reason that Nineteen Seventies, printed a tweet mentioning the world’s largest cryptocurrency, Bitcoin. On this X submit, Brandt mentioned the opportunity of BTC reaching a brand new historic peak quickly.
Peter Brandt on likelihood of recent Bitcoin ATH
The brand new all-time excessive, if it occurs, could take longer after this yr’s halving, than in earlier post-halving durations, the dealer warns.
Peter Brandt tweeted that quickly sufficient he expects the present bull market cycle for Bitcoin to grow to be the longest interval submit halving in BTC’s historical past for a brand new all-time excessive. Based on the desk shared by the skilled dealer, in the course of the bull market cycle that ran between 2015 and 2017, the variety of weeks to new cycle highs totaled 24. Throughout the subsequent bull market cycle of 2018-2021, this determine constituted 25 weeks. As for the present bull market (2022-2025), this quantity already constitutes 23 weeks to this point.
Nonetheless, Brandt warns that an alternate that the information could present quickly is {that a} “new ATH shouldn’t be within the playing cards” in any respect.
An FYI on $BTC
Present bull market cycle in $BTC will quickly grow to be the longest time submit halving in historical past for a brand new ATH
or,
Might point out that new ATH shouldn’t be within the playing cards pic.twitter.com/jkeboVAGtp— Peter Brandt (@PeterLBrandt) August 21, 2024
Bitcoin ATH this yr breaks common sample
Commentators’ replies to that tweet have been blended. Many, in a approach, agreed with the veteran dealer, nonetheless anticipating Bitcoin to achieve an all-time excessive however not as quickly as occurred in earlier post-halving cycles. Some identified that this yr, Bitcoin reached a brand new historic peak earlier than the ATH fueled by the approval of spot Bitcoin ETFs.
The brand new all-time excessive of $73,750 was reached on March 14, whereas the halving occurred on April 20 – virtually a month later.
On Tuesday, Bitcoin instantly printed a large pink candle on an hourly chart, pushing down from the $60,920 zone to the $58,760 line. By now, BTC has managed to get better the $59,330 mark.
Among the many key drivers that pressured the BTC value to plummet was former Bitcoin alternate Mt. Gox transferring a staggering quantity of just about $710 million price of BTC to centralized cryptocurrency exchanges, because it continues to pay out compensations to its collectors. Final month, the platform already paid roughly $3 billion in Bitcoin and Bitcoin Money to them by way of such platforms as BitGo, Kraken and Bitstamp.
