Veteran trader Peter Brandt has given traders what to expect from Bitcoin’s price action in the coming months. His analysis is based on Bitcoin’s price peaks and troughs in bull market corrections since 2025. The analysis also uses Bitcoin’s price movements in previous halving cycles. Brandt’s analysis comes at a crucial time for Bitcoin, as the cryptocurrency is now at a decisive moment between breaking away last price correction or extending this further.
Calling market peaks and troughs
Bitcoin has been in a month-long correction since the second week of June after robust bullish price action in the first half of the year. This bullish price action saw the leading digital asset reach a high of $73,737, a recent all-time high.
However, corrections at one point pushed BTC below $54,000, which left many traders wondering whether the cryptocurrency had already reached its upper limit for this cycle. In order to identify a likely cryptocurrency market top in the current cycle, veteran trader Peter Brandt looked at previous cycles and their corrections to provide a abrasive roadmap of what could be coming.
According to data shared by an 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 to date. The current cycle is based on a timescale of 2022-2025, with a starting point on November 21, 2022, at $15,460.
As such, Brandt predicts that BTC will peak in August 2025. If history repeats itself, the peak should occur around 1.5 years after the 2024 halving. While he did not provide an exact price peak, Brandt has previously stated that Bitcoin price could reach as high as $150,000 during this cycle.
Bitcoin’s current price correction is the biggest correction so far in a bull cycle that began at the 2022 low. $BTC photo: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 market may reach its peak before the next bear market eventually occurs. However, the exact timing correct market peaks and troughs is incredibly challenging. 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 down 7.96% over the past seven days. Price action shows BTC is bullish prevented further declines since July 5. Bulls are now facing robust resistance that recently appeared just above $58,000.
Featured image created with Dall.E, chart from Tradingview.com
