Bitcoin Remains 10% Down Post-Halving Amid Record Delay to All-Time High

2 min read | September 05, 2024 08:34 PM AEST | By Team Kalkine Media

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Bitcoin Remains 10% Down Post-Halving Amid Record Delay to All-Time High — Image source: Shutterstock

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Bitcoin’s performance post-halving has been notably sluggish, according to trader Peter Brandt. In a recent shared on X, Brandt highlighted that Bitcoin has taken an unusually long time to reach a new all-time high following its latest halving event in April. Despite surpassing previous highs in the past, the current market has yet to see a return to price discovery, with the record high from March 2024 still unchallenged.

Brandt noted that {Bitcoin} (BTC) inability to match or exceed its $73,800 peak from mid-March demonstrates a significant deviation from historical performance trends. He emphasized that this delay in reaching new highs is indicative of a broader trend of diminished momentum, which he attributes to a "lack of energy" in the market. According to Brandt, the 2021 peak of $69,000 is now a significant resistance level that Bitcoin must overcome for any sustained recovery.

Brandt also clarified that while Bitcoin has struggled to achieve new highs, it does not necessarily signify a prolonged downtrend. The current market conditions and slow price action are noteworthy but do not imply an outright bearish trend since the 2021 peak.

Amid these challenges, Bitcoin’s outlook is further complicated by broader financial market dynamics. Onchain analytics platform CryptoQuant has suggested that Bitcoin's price movements may continue to be volatile and frustrating. Despite the anticipated reduction in U.S. base interest rates on September 18, which might create short-term positive sentiment, CryptoQuant warns that without a significant shift in market conditions, Bitcoin’s price could remain unstable throughout 2024.

Additionally, some forecasts indicate that the Federal Reserve’s interest rate cut could potentially lead to further declines in Bitcoin’s price, with projections suggesting a possible decrease of up to 20%.

Overall, while Bitcoin has not yet achieved new all-time highs, its performance continues to attract attention due to its prolonged stagnation and the broader financial environment's influence.

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