Bitcoin Faces Delay as It Remains 10% Down Post-Halving

Bitcoin’s recent price performance has raised concerns among traders, with popular analyst Peter Brandt offering a candid evaluation of the situation.

Observations from Peter Brandt

Bitcoin (BTC) is experiencing a historically slow recovery, failing to achieve a new all-time high after its latest halving, as noted by Brandt. His assessment suggests that not only has BTC struggled to surpass the previous highest price from 2021, but the time elapsed post-halving has been unprecedented.

Brandt emphasizes that he interprets market cycles differently, highlighting critical price points:

• Starting the cycle from the last bear market low (November 2022).
• Identifying the cycle’s high at the previous low prior to the halving (March 2024).

“The previous high has remained unchallenged, and the previous bull cycle high is still valid when adjusted for inflation.”

This perspective reinforces the 2021 peak of $69,000 as a significant resistance level for any potential recovery.

Market Sentiment and Future Predictions

Market analysts indicate that Bitcoin’s struggles may persist in the near term, despite the anticipated easing of financial policy in the United States. A report from the on-chain analytics platform CryptoQuant cautioned that price movements may remain “frustrating” even with a potential rebound due to improved market sentiment.

The upcoming Federal Reserve base rate cut scheduled for September 18 might bring about temporary optimism, but indications suggest a prolonged period of volatility could continue into 2024.

“It is unfortunate that we are still caught in this frustrating situation, yet patience will be necessary until 2025.”

Current analyses warn that the expected interest rate cut could potentially lead Bitcoin prices to drop by as much as 20%.

Investors are encouraged to conduct thorough research before making any investment decisions as risks are inherently involved in trading cryptocurrencies.