Veteran trader Peter Brandt has given traders what to expect from the Bitcoin price action in the coming months. His analysis is based on Bitcoin’s price highs and lows in bull market corrections since 2025. The analysis also makes use of Bitcoin’s price movements in previous halving cycles. Brandt’s analysis has come at a pivotal time for Bitcoin, as the cryptocurrency is now at a deciding moment between breaking out of its recent price correction or extending it further.
Calling Market Tops And Bottoms
Bitcoin has been on a month-wide correction since the second week of June after a strong bullish price action in the first half of the year. This bullish price action saw the leading digital asset peak at $73,737, a new all-time high.
However, the corrections have pushed BTC below $54,000 at some point, which has caused many traders to question whether or not the cryptocurrency has already reached its upper limit for this cycle. In an effort to identify the likely peak of the cryptocurrency market during the current cycle, veteran trader Peter Brandt took a look at past cycles and their corrections to provide a rough roadmap for what may lie ahead.
According to the data shared by the analyst on social media platform X, Bitcoin has averaged 20% corrections from weekly highs during the current bull cycle. However, the current 27% correction is the largest so far. The current cycle is based on a timescale that spans from 2022 to 2025, with the starting point at November 21, 2022 and price of $15,460.
Consequently, Brandt predicts that BTC will reach a major top sometime in August 2025. If history repeats itself, the peak should come around 1.5 years after the halving in 2024. Although he didn’t give an exact price peak, Brandt has previously stated that the price of Bitcoin may reach as high as $150,000 during this cycle.
Current correction in Bitcoin is the largest so far in the bull cycle that began at the 2022 low $BTC pic.twitter.com/v2E7bJbYKi
— Peter Brandt (@PeterLBrandt) July 6, 2024
What’s Next For Bitcoin?
Peter Brandt’s cycle analysis offers a data-driven perspective on when the current bull run could climax before the next bear market eventually kicks in. However, pinpointing the exact market tops and bottoms is incredibly difficult. Even for seasoned traders like Brandt. Bitcoin has consistently defied expectations throughout its volatile history.
At the time of writing, Bitcoin is trading at $57,840 and is on a 7.96% decline in the past seven days. Price action shows that BTC bulls have prevented further declines since July 5. The bulls are now facing a strong resistance that recently emerged just above $58,000.
Featured image created with Dall.E, chart from Tradingview.com
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