Veteran Trader Peter Brandt Reveals Bearish Signs For Bitcoin

Veteran Trader Peter Brandt recently turned bearish on Bitcoin, sparking concerns among the crypto market enthusiasts.

Veteran crypto trader Peter Brandt recently shared his bearish outlook on Bitcoin (CRYPTO: BTC) price movements, sparking concerns among traders. Highlighting a series of lower highs and lows in BTC's price trend, Brandt pointed towards a downbeat sentiment in the crypto market.

Moreover, he also highlighted a lack of momentum in the market, which is unusual for a post-halving phase. This sluggish price action, according to Brandt, marks the longest time without a new all-time high in BTC's post-halving history.

“I measure the crypto cycles differently than most analysts. Starting from the previous bear market low (Nov 2022) to the peak which took place not after the halving but before (March 2024), not only has this high not been violated, but Bitcoin's inflation adjusted high from the previous bull market remains intact,” he said in a separate post.

His comments sparked debates among investors, who are now seeking clarity on the future performance of the flagship cryptocurrency. According to Brandt's analysis, BTC may be in for further downside if the market fails to regain momentum soon.

Another interesting technical signal was highlighted by crypto expert Ali Martinez for the flagship crypto, in a recent post. Shifting from bullish to bearish on the crypto's 2-month chart, the trend reversal on the Stochastic RSI caught his attention.

“Historically, this signal preceded significant corrections of up to 75.50% over the past decade,” noted Martinez, as this technical chart further intensifies fears of the crypto facing a substantial drop if past patterns repeat.

Adding to the bearish mood are the latest wallet growth figures, which show a divergence between the flagship crypto and other major cryptocurrencies. According to a report by Santiment, the total holders of the largest crypto by market cap have declined by 0.1% over the past three months, while Ethereum (CRYPTO: ETH) and Tether (CRYPTO: USDT) saw significant increases in wallet growth.

This trend indicates a shifting investor preference towards other digital assets, putting pressure on BTC's price outlook. Meanwhile, some market experts are still optimistic about a reversal trend for BTC price, given the recent market trends. Optimism surrounding a potential 50 basis points rate cut by the US Federal Reserve has provided some hope among investors.

However, contrasting economic signals, such as the Bank of Japan hinting at an interest rate hike, could negatively impact market sentiment, further influencing BTC price trajectory. As of writing, Bitcoin price was down 1.02% to $57,840, with its trading volume declining 3.22% to $26.90 billion.

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