By Michael Scott
Legendary analyst Peter Brandt discloses indicators accurately forecasting Bitcoin’s high in the current bull cycle.
The bears’ control over the crypto market is driving prices lower. Bitcoin is no exception to the downtrend, with the premier asset facing massive selling pressure. As such, Bitcoin suffered a 6% intraday tumble on Tuesday to trade below $93,000.
Amidst the downtrend that saw Bitcoin set the day’s low at $90,752.43, veteran Peter Brandt profiles such as short-lived. Instead, the market analyst mentions indicators signaling the Bitcoin cycle is edging closer to the top.
Inverse Cramer Effect Erodes Bitcoin Value
Brandt insights emerge as the crypto community is grieving the November 22 development when legendary Bitcoin critic endorsed the crypto asset. Recalling the event, the Mad Money host at CNBC, Jim Cramer, hailed Bitcoin by terming it a winner.
Since the endorsement, Bitcoin has witnessed a significant downtrend, eroding over $130 billion in market value. The crypto community’s skepticism about Cramer’s comment is coming to fruition.
A quick reflection on November 22 shows Bitcoin traded near $90,000, commanding a market cap of $1.96 trillion. However, Bitcoin shed substantial value following the positive remarks.
The crypto community and analysts alike reacted skeptically, among them Ali Martinez, who suggested that Bitcoin would suffer imminent correction. However, Brandt downplays such speculations.
Analyst Issues Indicators of BTC Top
The analyst X post recalled the events that signaled the Bitcoin peak in the previous two bull cycles. The veteran expert urged caution as the crypto market signaled saturation.
Brandt hails his accurate prediction of Bitcoin’s 2017 cycle top, though he encountered intense criticism. The veteran analyst shared a tweet on December 21, 2017, to confirm the claims.
The experienced trading expert since the 1970s recalls that CNBC stalled the invitation after hinting he would indicate Bitcoin had already hit peak levels. The news outlet would swap for another guest who called for further upsides to $50,000.
Bradt reveals that he accurately forecasted the top of Bitcoin, citing widespread media coverage. Per his account, Bitcoin hit peak levels owing to the heightened presence on the news headlines and magazine covers.
Brandt reiterated that the continued utilization of laser eyes among crypto enthusiasts confirmed the cycle peak in 2021. Primarily, the laser eyes symbol would saturate the crypto Twitter platform ( now X) as proponents of his prediction would still indicate Bitcoin’s bullishness.
Interestingly, the Brandt analysis implies that Bitcoin’s media presence and bullish predictions from the influencers precede its cycle peak.
Bitcoin Price Discovery Beyond $100,000
Brandt dismissed the current dip to hint that Bitcoin will ultimately surge beyond the $100K level. The analyst teased the bullish outlook in a Monday post, terming it conventional wisdom. He emphasized conviction in always betting against the conventional wisdom that emerges as stereotypically erroneous.
Brandt entertains the view that while the converse Cramer predictions continue, Bitcoin would recover to chart a new peak. Over the years, the TV host has nurtured a reputation of blunt speculations that spurred exchange-traded fund trading that was opposite to the calls.
Brandt perceives the idea as exhibiting the general consensus of the market participants. Often, the converse scenario plays out. The analyst cited this belief by indicating the market sentiments that Bitcoin will hit a peak at $100K. Instead, the analyst considers the pioneering asset will test higher prices.
The recent projection by Brandt aligns with earlier insights when he speculated Bitcoin would peak at $150,000. He would revise this later, expecting sustained momentum within the six-figure range of $240,000.
Currently, Bitcoin appears to have reclaimed the $93,000 range to set the day’s high at $94,461. The 0.9% uptick elevates the Bitcoin market cap to $1.848 trillion per CoinGecko data. In context, the current price is still 6.24% below the all-time high (ATH) of $99,645.39, which was set on November 22.