Bitcoin is struggling to make a new all-time high after its most recent halving, and it’s taking much longer than ever before. Popular trader Peter Brandt has voiced his concerns about the slow performance of BTC. According to Brandt, this delay is a break from BTC’s usual price cycle and could mean that BTC needs more time to recover.
In his latest analysis shared on X, Brandt points out that BTC has not yet reached its previous record high, set back in 2021. Even when adjusted for inflation, Bitcoin has not surpassed the $69,000 peak. His findings have raised new concerns among investors who had high hopes for a quicker recovery after the April halving event. The BIT Journal, a key source for crypto news, brings this crucial update to the public.
Bitcoin shows “Lack of Energy,” Says Brandt
Peter Brandt is known for his honest opinions on BTC. In his latest analysis, he highlights that BTC’s price action has not impressed traders and new investors. Many had expected BTC to reach a new all-time high soon after the halving event in April. However, this has not been the case. Brandt explained that the time it’s taking Bitcoin to find a new price high is far longer than previous cycles.
Brandt also revealed that his method of measuring BTC price cycles is a bit different. He starts his analysis at the low point of the previous bear market in November 2022. Then, he focuses on the price high before the halving, which happened in March 2024. Since that high has not been broken, and the inflation-adjusted price from the previous bull run still holds, Brandt believes BTC is lacking the energy needed to push past the $69,000 level. This level is now seen as a tough resistance line that BTC must overcome to start its next big run.
The BIT Journal also reports that Brandt doesn’t think BTC is in a downtrend, even with the slow recovery. BTC still has potential, but it’s facing challenges. For Bitcoin to break its previous high, more patience and market shifts might be required. This slow movement, especially after the halving, has left many investors frustrated. They were hoping for a quicker turnaround, but the market hasn’t responded as expected.
Advertisement Banner
BTC Faces New Challenges Amid Fed Rate Changes
Aside from Bitcoin’s internal price struggles, outside factors are also affecting its price movement. Many are watching how the Federal Reserve’s policies will influence the market. There’s hope that a potential interest rate cut in September could lead to a short-term boost in Bitcoin prices. However, others remain skeptical. CryptoQuant, a respected on-chain analytics platform, has suggested that Bitcoin’s price may stay stagnant, even with the upcoming rate cuts.
According to Crypto Dan, a contributor at CryptoQuant, while the Fed’s rate cut could cause a small rebound due to positive sentiment, it may not be enough to trigger a strong market change. If the overall market atmosphere doesn’t change, 2024 could still be a difficult year for BTC. Investors might have to wait until 2025 for a significant recovery.
The BTC’s slow performance may continue for some time. With the current market trends and external factors like U.S. financial policy, Bitcoin might be stuck in this frustrating position for longer than expected.
BTC’s Slow Climb: Patience Is Key
In conclusion, BTC’s journey to a new all-time high is proving to be a long one. Many experts, including Peter Brandt, agree that the delay in Bitcoin’s price recovery is unusual compared to previous cycles. Despite the anticipation after the April halving, BTC has yet to break its 2021 high. Brandt’s analysis highlights the challenges BTC faces, both internally and externally.
The current market trends suggest that BTC’s recovery could take longer than many hoped. Investors are now being advised to approach the market with patience and long-term thinking. With potential rate cuts and other financial policy changes on the horizon, the market may remain unpredictable for some time. However, BTC still holds promise for those who are willing to wait.
The BIT Journal will continue to keep a close eye on the market and provide updates as BTC moves through these challenging times. For now, patience and caution seem to be the key strategies for Bitcoin investors.
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
