Bitcoin's Bull Run May Be Over

That's according to Peter Brandt, a veteran chart analyst and the founder of Factor Trading, who successfully forecast bitcoin's steep plunge in 2018, when the token lost about 80% of its value.

"It has happened. It is real. You may not want to believe it, but I place a 25% chance that Bitcoin has already topped for this cycle," Brandt wrote in a note recently.

He added that he expects a plummet back to the 2021 lows in the mid-$30,000 range, which would mark a drop of roughly 50% from the current level.

Brandt backed up his rationale with a concept he refers to as "exponential decay," with each bull cycle of bitcoin from 2009 to 2021 shrinking by about 20% compared to the last.