Legendary Trader Peter Brandt Breaks Silence on Chances for New Bitcoin ATH
u.today 21 August 2024 14:08, UTC Old-school commodities trader Peter Brandt, who has been in this business since the 1970s, published a tweet mentioning the world’s largest cryptocurrency, Bitcoin. In this X post, Brandt discussed the possibility of BTC reaching a new historic peak soon.
Peter Brandt on probability of new Bitcoin ATH
The new all-time high, if it happens, may take longer after this year’s halving, than in previous post-halving periods, the trader warns.
Peter Brandt tweeted that soon enough he expects the current bull market cycle for Bitcoin to become the longest period post halving in BTC’s history for a new all-time high. According to the table shared by the expert trader, during the bull market cycle that ran between 2015 and 2017, the number of weeks to new cycle highs totaled 24. During the next bull market cycle of 2018-2021, this figure constituted 25 weeks. As for the current bull market (2022-2025), this number already constitutes 23 weeks to date.
However, Brandt warns that an alternative that the data may show soon is that a “new ATH is not in the cards” at all.
An FYI on $BTC
Current bull market cycle in $BTC will soon become the longest time post halving in history for a new ATH
or,
Could indicate that new ATH is not in the cards pic.twitter.com/jkeboVAGtp— Peter Brandt (@PeterLBrandt) August 21, 2024
Bitcoin ATH this year breaks regular pattern
Commentators’ replies to that tweet were mixed. Many, in a way, agreed with the veteran trader, still expecting Bitcoin to reach an all-time high but not as soon as happened in previous post-halving cycles. Some pointed out that this year, Bitcoin reached a new historic peak before the ATH fueled by the approval of spot Bitcoin ETFs.
The new all-time high of $73,750 was reached on March 14, while the halving took place on April 20 – almost a month later.
On Tuesday, Bitcoin suddenly printed a massive red candle on an hourly chart, pushing down from the $60,920 zone to the $58,760 line. By now, BTC has managed to recover the $59,330 mark.
Among the key drivers that forced the BTC price to plummet was former Bitcoin exchange Mt. Gox moving a staggering amount of almost $710 million worth of BTC to centralized cryptocurrency exchanges, as it continues to pay out compensations to its creditors. Last month, the platform already paid roughly $3 billion in Bitcoin and Bitcoin Cash to them via such platforms as BitGo, Kraken and Bitstamp.
