Legendary trader Peter Brandt looked at Bitcoin’s bull market cycle from a different perspective. Popular analyst Ali Martinez talked about a sell signal for Bitcoin. The analyst pseudonym Bluntz predicts that it will soon reach new highs.

Declining momentum in Bitcoin bull cycles

Renowned trader Peter Brandt expressed doubts about the sustainability of Bitcoin’s ongoing bull market cycle. In this context, Brandt shared a detailed analysis titled “Does history show that Bitcoin has peaked?”. In it, the analyst highlights trends in Bitcoin’s historical price cycles that show declining momentum over time. Brandt notes that there have been four significant bull cycles in Bitcoin’s history and that the current surge marks the fifth. He points to a disturbing pattern. Here, exponential advances decline in each successive cycle. It also loses about 80% of the momentum from the previous cycle.

Applying this trend to the current cycle, Brandt predicts a potential peak around $72,723. Cryptocoin.comBTC has already reached this level recently. Despite the impact of the halving events on Bitcoin’s price, Brandt emphasizes the sobering reality of the exponential decline, suggesting that there is a 25% chance that Bitcoin has already peaked for this cycle.

Speculation about market tops

Peter Brandt predicts that if the market tops out, BTC could experience a drop to the mid-$30,000s and even revisit the lows of 2021. This leads to speculation about potential price downturns. However, the analyst sees such a correction as potentially bullish in the long run. He also draws parallels with similar chart patterns observed in the gold market.

“Bitcoin gave two sell signals on the 12-hour chart!”

Veteran analyst Ali Martinez also updated his outlook on Bitcoin (BTC). The analyst notes that BTC has given two sell signals on the 12-hour chart. “A ‘death cross’ between the 50 and 100 SMA (simple moving average) and a red 9 candlestick from TD Sequential. If BTC drops below $63,300, be prepared for possible declines to $61,000 or even $59,000.”

Source: Ali Martinez

“Leading cryptocurrency signals a reversal!”

The popular analyst, nicknamed Bluntz, says that Bitcoin signaled a reversal on the one-hour chart. According to the analyst’s chart, Bitcoin has formed a bullish divergence where the price is following a downward trend and the Relative Strength Index (RSI) indicator is on an upward trajectory. RSI, meanwhile, is a momentum oscillator used to identify overbought or oversold conditions. “I’m still looking at it from a risk-on perspective, but I think it will reach ATH levels in the next one to two weeks,” the analyst said.

Source: Bluntz