Top Trader Issues Dire Warning on Bitcoin’s Price

Famed commodities trader Peter Brand has sparked quite a different sentiment among the cryptocurrency community.

He predicts that the price of Bitcoin (BTC) could collapse by up to 75% from its current level.

Brandt’s warning stems from his observation that Bitcoin typically experiences significant declines if it fails to reach a new high within 30 weeks of its previous all-time high.

Bitcoin’s current high of $73,737 was reached on March 14 and it has now been more than 30 weeks since that peak.

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While claiming that this is simply a market observation and not a personal opinion, he said:

I am always amused by those who confuse market observations with opinions. Just like drivers who don’t [look] both ways, they often end up in accidents.

Despite the bearish outlook, Brandt mentioned that BTC remains the largest tradable asset in his portfolio.

Hey Bitcoiners
Are you familiar with the concept of “market analogs?”
Here is something to think about
It has been 30 weeks since $BTC made an ATH
Whenever has not made a decisive new ATH within this time length a 75%+ decline has occurred pic.twitter.com/CUyK4C2W93

— Peter Brandt (@PeterLBrandt) October 11, 2024

Deyan Angelov

Active crypto trader who also follows news related to stocks, the S&P 500, and gold. Deyan enjoys staying physically active, trains regularly, and practices calisthenics. He also likes reading sci-fi books when he has the time.