Popular trader Peter Brandt has warned that Bitcoin is taking longer than ever to reach an all-time high after its latest halving. In his latest analysis on X, Brandt also revealed that Bitcoin’s previous record high from 2021 is still based on global and US inflation rates in particular.
Brandt also said that Bitcoin lacks the energy to continue its upward trajectory as Bitcoin’s price action has disappointed bulls and frustrated new investors since its last all-time high against the US dollar in mid-March.
The market has not failed to match the $73,800 level since Brandt noted, but since the last block support cut and halving event in April, a record period of time has passed without the price finding a way back up strongly.
Others also see Bitcoin prices heading for a crash in the event of a Fed rate cut
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Even as the US monetary policy easing begins, online analytics platform CryptoQuant suggested this week that Bitcoin price action will remain “disappointing” as contributor Crypto Dan wrote in a Quicktake blog post: “Given the expected US base rate cut on September 18, a short-term rebound can be expected due to positive market sentiment, but unless the market mood reverses significantly, the disheartening moves are likely to continue into 2024.”
