Bitcoin

Factor

Gold

April

BlackRock

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 <p class="paragraph">After giving much cause for excitement and optimism between October 2023 and April 2024, Bitcoin (BTC) is now generating little other than fear over where it may go.&nbsp;</p>
 <p class="paragraph">While the approval of nine spot BTC exchange-traded funds (ETFs) in January gave rise to hope of mass institutional adoption – hope BlackRock (NYSE: BLK) does not consider misplaced – and the halving triggering forecasts for an imminent surge to $100,000 and, by the year’s end, to $300,000, the world’s premier cryptocurrency has spent the better part of last month declining.</p>
 <p class="paragraph">Indeed, after hitting $73,000 in March, the coin dropped below $60,000 and – at one point – even struggled to hold on to $57,000. Though some experts still consider the first week of May will see BTC find a bottom and recover, other veteran <a rel="noopener noreferrer nofollow" title="analyst" href="https://thebittimes.com/tag/analyst.html">analyst</a>s believe the cycle might have already seen its top.</p>
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   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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 <h2 class="wp-block-heading" id="h-why-bitcoin-topped-in-march">Why Bitcoin topped in March</h2>
 <p class="paragraph">On the very last day of April, Peter Brandt, the founder of Factor Trading and a veteran chart <a rel="noopener noreferrer nofollow" title="analyst" href="https://thebittimes.com/tag/analyst.html">analyst</a>, opined that there is 25% chance that the previously-seen $73,000 is this cycle’s top and that it is most likely Bitcoin will soon plummet to 2021 lows in the mid-$30,000s.</p>
 <p class="paragraph">Brandt backed the prediction with a concept called ‘exponential decay’ – a model that states that each Bitcoin cycle is approximately 20% smaller than the previous one – and previously forecast, using the methodology, that the current rally will peak at $72,723.</p>
 <p class="paragraph">The <a rel="noopener noreferrer nofollow" title="analyst" href="https://thebittimes.com/tag/analyst.html">analyst</a> – who correctly predicted the 2019 crash – however, concluded that the short-term drop does not dampen Bitcoin’s long-term prospects and remains highly bullish about the cryptocurrency.</p>
 <h2 class="wp-block-heading" id="h-btc-price-chart">BTC price chart</h2>
 <p class="paragraph">While it remains to be seen if Bitcoin has already peaked in this cycle or if an even greater bull run is ahead, the fact remains that the world’s foremost cryptocurrency has been struggling recently.</p>
 <p class="paragraph">Though the coin recovered somewhat – 0.52% –&nbsp; in the last 24 hours of trading and Bitcoin price today stands at $59,915 BTC is down a significant 10.17% in the last 30 days.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/nZvoqURTY58RWEP7bXxgrn2oxr9DKPix2aeFzrFzgYokeCfSZHsoMPVek2Pk_Cfmtn2I_N3IcwnwHdJHYdWzypGBUFJ76bHBGjuibJRIW6EVxcoWktpDm_lhm4LI_y155g0b5iYfSuOQXMsmOi17KmI" alt>
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   BTC 30-day price chart. Source: Finbold
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 <p class="paragraph">Still, it is worth remembering that the current downturn comes at the heels of – and is far from erasing – the cryptocurrency’s massive 2024 gains that, at the time of publication, place it 34.43% in the green in the year-to-date (YTD) chart.</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/run-for-your-lives-veteran-analyst-predicts-50-collapse-for-bitcoin-tbt87325.html">https://thebittimes.com/run-for-your-lives-veteran-analyst-predicts-50-collapse-for-bitcoin-tbt87325.html</a></p>

Run for your lives! Veteran analyst predicts 50% collapse for Bitcoin

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