Veteran commodities trader Peter Brandt stated that the price of Bitcoin (BTC) could fall by as much as 75%.
The 77-year-old based his warning on the observation that in the past, Bitcoin experienced major corrections whenever it failed to reach a new all-time high (ATH) within 30 weeks of the previous peak.
Could Historical Patterns Signal a Potential Bitcoin Downturn?
Brandt’s remarks come as the trillion-dollar cryptocurrency has struggled to maintain its upward momentum in recent months. It has been 30 weeks since March 14, when the price surpassed $73,000 to register a new ATH.
Currently, the asset is down 17.6% from that high, with the price showing a slight decline of 0.5% from previous levels in the last 24 hours. However, the regression was most pronounced during the two weeks, with BTC losing 7.1% of its value in that period.
While some may view this as a minor fluctuation, Brandt’s analysis points to a much larger historical pattern that could signal trouble ahead for investors.
According to CEO Factor, in previous cycles, Bitcoin’s failure to continue its upward trajectory after reaching its latest price milestone often led to major pullbacks. He stated that the current stagnation could lead to a bearish turn, stating, “Markets that are not rising usually cannot rise.”
The analyst further clarified that his assessment was based on historical patterns and not personal opinion, stating, “I’m always amused by people who confuse market observation with market opinion.”
However, Brandt still expressed confidence in Bitcoin’s long-term value, saying it is the largest tradable asset in his portfolio.
Crypto Community Reaction
As is often the case when a famous figure makes a statement that might be considered controversial, the legendary chartist’s comments sparked conversation, and many traders shared their thoughts on his warning.
Some have speculated that the cryptocurrency’s ATH may have been increased prematurely by the development of a spot Bitcoin ETF, suggesting that external factors may be distorting its usual price cycle.
Others question the appropriateness of comparing previous cycles, especially with the Bitcoin halving that occurred earlier in the year and the influence of institutional players such as BlackRock, which could potentially change the current market dynamics.
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