Veteran Trader Peter Brandt recently turned bearish on Bitcoin, sparking concerns among the crypto market enthusiasts. The crypto market, known for its accurate market predictions in the past, pointed towards a series of lower highs and lows in the BTC price trend. Besides, he highlighted a lack of momentum in the market.
This downbeat sentiment has fueled discussions over further corrections in the flagship crypto.
Peter Brandt Reveals Bearish Signs For Bitcoin
In a recent X post, Peter Brandt shared his concerns about the current market structure of Bitcoin. He said that the ongoing series of lower highs and lows of the crypto signals a bearish trend. In addition, he noted that the downward slope of the crypto’s lows reflects a lack of energy and buying interest, which is unusual for the crypto, especially in a post-halving phase.
According to the market expert, this sluggish price action marks the longest time without a new all-time high in BTC’s post-halving history. Notably, the veteran trader said that he had measured the crypto cycles differently than most analysts.
In a separate post, he said that he started his cycle from the previous bear market low, which was in November 2022, and tracks the peak which took place in March 2024, before the halving. He points out that “not only has this high not been violated”, but Bitcoin’s inflation-adjusted high from the previous bull cycle remains intact, adding to his bearish outlook.
Meanwhile, his comments have sparked debates among investors, with many seeking clarity on the future performance of the crypto. Notably, according to Brandt’s analysis, the flagship crypto might be heading for more downside, if the market fails to regain momentum soon.
What’s Next For BTC?
Adding to the bearish mood sparked by Peter Brandt’s analysis, crypto expert Ali Martinez also highlighted a crucial technical signal for the flagship crypto. In a recent X post, Martinez noted a trend reversal on the Stochastic RSI, which shifted from bullish to bearish on the crypto’s 2-month chart.
He warned that historically, this signal has preceded significant corrections of up to 75.50% over the past decade. Notably, this technical chart has further intensified fears that the crypto could be facing a substantial drop if past patterns repeat.
In addition, the latest wallet growth data, which shows a divergence between the flagship crypto and other major cryptocurrencies, has further weighed on market sentiment. According to a report from Santiment, the total holders of the largest crypto by market cap have declined by 0.1% over the past three months, while Ethereum and Tether have seen significant increases in wallet growth.
This trend indicates a shifting investor preference towards other digital assets, adding pressure on BTC’s price outlook.
Meanwhile, historical data also suggests that the crypto usually witnessed gloomy trading in September. Despite that, some market experts are still optimistic about a reversal trend for BTC price, given the recent market trends. Optimism surrounding a potential 50 basis points rate cut by the US Federal Reserve has provided some hope among investors.
However, contrasting economic signals, such as the Bank of Japan hinting at an interest rate hike, could negatively impact market sentiment, further influencing BTC price trajectory. As of writing, Bitcoin price was down 1.02% to $57,840, with its trading volume declining 3.22% to $26.90 billion.
Rupam Roy
Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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