Veteran commodity trader Peter Brandt has warned that Bitcoin’s price could decline by as much as 75%. His prediction is based on historical trends where Bitcoin faced significant corrections when it failed to achieve a new all-time high within 30 weeks of its previous peak.
**Could Historical Patterns Signal Potential Downturn for Bitcoin?**
Brandt’s remarks come as the trillion-dollar cryptocurrency has struggled to maintain upward momentum recently. It has been 30 weeks since its price surged above $73,000 in mid-March to set a new ATH. Currently, Bitcoin is down 17.6% from that peak, with a slight 0.5% dip over the past 24 hours and a more notable 7.1% drop over two weeks. While some view these as minor fluctuations, Brandt’s analysis highlights a larger historical pattern that could indicate challenges for investors.
The Factor CEO noted that in past cycles, Bitcoin’s failure to rise after reaching a previous price milestone led to significant pullbacks. He suggested that the current stagnation might result in a bearish trend, stating, “Markets that don’t go up usually can’t go up.” He emphasized that his assessment is grounded in historical data rather than personal opinion, noting, “I am always amused by people who confuse a market observation with a market opinion.” Despite this, Brandt expressed confidence in Bitcoin’s long-term value, describing it as the largest tradeable asset in his portfolio.
**Crypto Community Reacts**
As is common when a prominent figure makes a potentially controversial statement, Brandt’s comments ignited discussion, with many traders weighing in on his warnings. Some speculated that the cryptocurrency’s ATH might have been prematurely influenced by the development of spot Bitcoin ETFs, suggesting that external factors could be affecting typical price cycles. Others questioned the validity of comparing past cycles, considering the Bitcoin halving earlier this year and the involvement of institutional players like BlackRock, which might be changing current market dynamics.
Twitter: @PeterLBrandt, @thy_crypto