Bitcoin Cycle Top May Have Passed, Analyst Says, Could Drop to $48,000

IconCryptoNewsTerminal Staff14 Jun, 2024

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Bitcoin Cycle Top May Have Passed, Analyst Says, Could Drop to $48,000

Bitcoin may have already topped out and could drop to $48,000, according to veteran trader Peter Brandt. Brandt analyzed Bitcoin's historical price action and found that the current cycle may be following a similar pattern to previous cycles. In the 2011-2013 cycle, Bitcoin dropped 82% from its previous high. In the 2015-2017 cycle, Bitcoin dropped 79% from its previous high. And in the 2018-2021 cycle, Bitcoin dropped 82% from its previous high. If this progression continues, then the current cycle may have already topped out at $73,777. If Bitcoin loses $65,000, $60,000 would be in the cards, and a break below that opens the door to $48,000. Of course, this is just one analyst's opinion, and it's important to do your own research before making any investment decisions. However, Brandt's analysis is a reminder that Bitcoin is a volatile asset and that it's important to be prepared for the possibility of a significant drop in price.

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