Bitcoin Stalls 10% After Halving, Record-Breaking ATH Wait

In an assessment of the market performance of Bitcoin, trader Brandt finds that the crypto needs to be faster to maintain historical standards this time around.

Following its most recent halving, prominent trader Peter Brandt cautions that BTC$57,406 is taking longer than ever to reach a new all-time high.

Brandt also disclosed that even adjusted for inflation, the prior record high for BTC from 2021 remains in his most recent research of X.

Brandt: There is a “lack of energy” in Bitcoin.

Since Bitcoin’s most recent all-time high against the US dollar in mid-March, price activity has frustrated new investors and let down bulls.

Not only has the market not been able to reach that $73,800 level since Peter Brandt writes, but an unprecedented amount of time has passed since the most recent block subsidy halving event in April without a return to price discovery.

He clarified, referring to the subtle differences in BTC price cycles between macro highs and lows and halvings, saying, “I measure cycles differently than most.”

“My cycle starts at prev. bear market low (Nov ’22). Then note high of the cycle starting at prev low prior to halving (Mar ’24). Not only has this high not been violated, but high from prev bull cycle on inflation adjusted basis still intact.”

This viewpoint makes $69,000, the peak of 2021, seem even more significant as solid resistance if BTC/USD stages a prolonged rebound.

But in later talks, Brandt emphasized that this does not imply that Bitcoin has been declining since then.

Bitcoin price pessimism surpasses Fed rate reduction.

Some believe that Bitcoin is still a long way from being solved this month.

This week, the onchain analytics platform CryptoQuant predicted that fluctuations in Bitcoin prices would continue to be “frustrating” despite the impending easing of US financial policy.

Contributor Crypto Dan stated in a Quicktake blog post that “Due to the expected US base rate cut on September 18, a short-term rebound due to positive market sentiment can be expected, but if the market atmosphere is not significantly reversed, it is highly likely that frustrating movements will continue in 2024.”

“It is regrettable that the frustrating situation continues, but it seems necessary to wait for 2025 with a long breath and patience.”

According to one projection, Bitcoin may drop by 20% as a result of the Federal Reserve’s planned September interest rate cut.