Bitcoin Price Structure Mirrors 2021 Distribution

Throughout the period, as per Peter’s X post, unsuccessful breakouts of Bitcoin price acted as an indication of distribution. In November 2021 it reached around $69,000 before falling to around $15,500 in November 2022. That was a price reduction of approximately 77.5%. According to Peter Brandt, incase the current arrangement causes a comparable fall in the $105,000 band, Bitcoin might collapse to nearly $23,600.

Although there has been a bullish mood concerning spot ETFs and institutional participation, the price has failed to surpass the barrier at the price level of $105,000. The incomplete ability to escalate higher is making some technical analysts concerned.