Experienced trader, Peter Brandt, has stated that Bitcoin’s Bull run is following similar post-halving patterns and could hit $130,000 by September next year. Peter Brandt compared the market sentiments of Bitcoin during the last halving event to the behaviour of Bitcoin after the latest halving event that occurred in April.
Peter Brandt stated in a June 2 report that halving dates have represented a perfect symmetry with strong Bitcoin bull runs in the past and the latest halving event is no different from the previous ones.
Brandt claimed that from his observation Bitcoin’s halving date has sat almost in the middle of when a bull market starts and when it reaches its peak.
The last Bitcoin bull market started exactly 16 months before the halving on May 11, 2020, and the cycle ended about 18 months after that Brandt analyzed.
Brandt noted that the two previous halving events that occurred on July 9, 2016, and Nov. 28, 2012, followed the same pattern described above.
“If this sequence continues, the next bull market cycle high should occur in late Aug/early Sep 2025,” he wrote.
Brandt explained further that no method of price analysis is foolproof and 100% certain but the previous highs of Bitcoin prices have followed a similar growth pattern. Going by this recurring pattern, Brandt predicts the next Bitcoin bull market to hit the $130,000 to $150,000 range.
Per Brandt Analysis, December 17, 2022, is the start of the current bull market. Bitcoin traded for $16,800 at the time but has since gained over 300% in value and is currently trading at $69,870.
Bitcoin is down from its March 14 all-time high of $73,679 and Brandt believes that there is a 25% chance that Bitcoin has already hit a bull market peak.
Finally, Brandt explained that if Bitcoin fails to make a new all-time high and sinks below $55,000 it is probably because the crypto asset is experiencing an exponential decay.
Speaking on Exponential decay, Brandt in a previous blog post pointed out that around 80% of the exponential momentum from each of the last four BTC bull cycles has reduced. Looking forward, he forecasted an exponential growth of approximately 4.5 times the current value.
Although it is now a known fact that the halving event has the potential to influence bitcoin prices positively. Peter Brandt warned traders to watch out for signs of exponential decay.
What to Know
- The Bitcoin halving event is an event that occurs every four years. It signifies the slashing of mining rewards for bitcoin miners by 50% and it is welcomed as a bullish event for the price of Bitcoin and other crypto assets.
- Exponential decay is a theory pioneered by Peter Brandt which states that Bitcoin exhibits a pattern of bull market cycles. Exponential decay occurs when each cycle’s peak price is only 20% of the previous cycle’s peak gain. Data shows this has occurred over the previous three market cycles.
