Bitcoin’s bull market may have ended at the recent record high of over $73,000, veteran chart analyst Peter Brandt said.
In a report shared with CoinDesk, Brandt suggested that bitcoin’s upward trajectory may have reached its peak. This starkly contrasts histhat the bullish cycle, starting from the bear market lows in November 2022, could extend out to September 2025, with prices reaching “Bitcoin has historically traded within an approximately 4yr bull/bear cycle, often associated with the halving events. There have been three major bull market cycles since the initial bull cycle and each cycle has been 80% less powerful than its predecessor in terms of the price multiple gained,” Brandt said.
The first rally saw prices rise from $0.01 to $31.91, marking a 3,391x increase in less than two years. Subsequent bull markets have been longer in duration but smaller in magnitude, consistently suffering a roughly 80% exponential decay.