Legendary market analyst Peter Brandt has given an indicator that would accurately predict Bitcoin peak levels in this bull cycle.
Bears have taken over proceedings in the crypto market over the last few days, driving Bitcoin’s price lower. The premier asset has faced massive selling pressure, capitulating over 6% in the past 24 hours to trade below $93,000.
Amidst the downtrend, market veteran Peter Brandt has mentioned a few indicators that would signal that Bitcoin’s cycle top is near.
Brandt Gives Indicators of Bitcoin’s Top
In a Monday tweet, the veteran analyst recalled the events that hinted at Bitcoin’s peak in the last two cycles. He then insinuated caution as the crypto market shows signs of saturation.
Brandt mentioned that he accurately predicted Bitcoin’s 2017 cycle top but faced intense criticism. He shared a tweet dated December 21, 2017, where he made the assertion to confirm his claims.
Bitcoin top in 2017
This is the Tweet X I posted on Dec 21, 2017 noting that Bitcoin had topped
The tip offs:
1. All the laser eyes
2. CNBC invited me on (I was going to say Bitcoin had topped) but they cancelled me and had another person on, predicting $50k $BTC pic.twitter.com/M1cKzdaZib— Peter Brandt (@PeterLBrandt) November 25, 2024
The analyst, who started trading in the 1970s, stated that CNBC stalled his invitation after he revealed he was going to mention that Bitcoin had peaked for the cycle. In his place, the news outlet aired another guest who asserted more upsides for the asset, precisely $50,000.
Notably, Bradt disclosed that he accurately predicted the top by observing the growing Bitcoin media coverage. According to him, he knew Bitcoin had peaked due to its heightened appearance on news headlines and magazine covers.
Furthermore, Brandt insisted that the incessant use of laser eyes among crypto enthusiasts marked the cycle peak in 2021. Notably, the laser eyes symbol saturated crypto Twitter (now X), as proponents used it to connote Bitcoin’s bullishness.
With Brandt’s analysis, he implied that increased Bitcoin media presence and bullish expectations from influencers precede the asset’s cycle peak.
Brandt Hints Bitcoin Have Not Peaked Yet
Meanwhile, Brandt has hinted that Bitcoin would surge past the $100,000 level to new price discoveries. He teased the idea in an earlier Monday tweet, which he termed conventional wisdom.
The market veteran argued that he always bets against conventional wisdom, which is stereotypically wrong. He described the idea as a general consensus among market participants, insisting a converse scenario always plays out.
Brandt gave an example of this belief, citing market sentiments that Bitcoin will peak at $100,000. Then, he said he would bet that the pioneering asset would see higher prices.
It bears mentioning that Brandt had earlier speculated that Bitcoin would peak at $150,000. However, he later mentioned an indicator that could spur Bitcoin to $240,000.
In the meantime, Bitcoin trades at $92,457, with a market cap of $1.8 trillion.
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