Peter Brandt: Bitcoin bull run may be over, or fall back to $30,000

According to BlockBeats, on April 30, Peter Brandt, a senior chart analyst and founder of Factor Trading who successfully predicted the Bitcoin crash in 2018, said that the Bitcoin bull market may have peaked and the price of the cryptocurrency is expected to fall back by nearly 50%. Brandt pointed out that he believes there is a 25% chance that Bitcoin has ended this bull cycle after hitting a high of around $73,000 in March. He expects Bitcoin prices to fall back to a low of more than $30,000 in 2021, down about 50% from current levels. Brandt's argument is based on his concept of "exponential decay", that is, the increase in each bull cycle of Bitcoin from 2009 to 2021 has shrunk by about 20% compared with the previous cycle. Based on this, he calculated that the increase in this round of bull market is expected to be about 4.5 times that of the previous cycle (2018-2021), which leads to the estimated high point of this round of $72,723. After Bitcoin surpassed this milestone in March, it may mean the end of this bull run. However, Brandt believes that if Bitcoin loses momentum after a sharp rise, it will be the most beneficial in the long run. He pointed out that gold has a similar trend. Gold hit a low at the end of 2022 after a period of sharp rise, and then rebounded sharply to a new high this year.