U.Today – Veteran trader Peter Brandt has identified a key feature of the current market cycle that sets it apart from previous ones. Based on the data and charts that Brandt examined, it appears that the current Bitcoin bull market cycle will be the longest post-halving period in the cryptocurrency's history without a new all-time high.
This finding raises important questions about the current state of the Bitcoin market and the likelihood of a new ATH occurring soon. According to available data, new cycle highs were reached relatively quickly following the Bitcoin halving events in 2012, 2016, and 2020.
For example, it took Bitcoin just eight weeks after the halving to reach a new high in the 2011-2013 cycle. Similarly, the halving in the 2015-2017 cycle resulted in a new high 24 weeks later, and the ATH in the 2018-2021 cycle took 25 weeks to reach.
Since Bitcoin has not reached a new high in the current 2022-2025 cycle (which is already 23 weeks after the halving), it is increasingly likely that this cycle will break previous records for the longest time period without a new ATH.
While trying to break out of the broad descending channel, it is currently trading within the resistance found around the $62,000 mark. According to the data, the Bitcoin price has to overcome a major hurdle at $73,804 to set a new all-time high. It is unclear whether Bitcoin will reach a new high in this cycle, although the market appears to be stagnant and resistance levels are difficult to overcome without proper buying support.
According to Peter Brandt’s analysis, Bitcoin’s market behavior at the moment may be different, possibly indicating that a new ATH is unlikely to occur in this cycle. This would be a major divergence from previous cycles, where Bitcoin has almost always risen to new heights after a halving event.
This article was originally published on U.Today
