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.
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
Metaplanet is aggressively expanding its Bitcoin holdings through an unconventional $5.4 billion capital raise, positioning itself as a leading BTC proxy in Asia.
BlueBird Mining Ventures, a London-listed firm traditionally focused on gold, is making headlines after announcing it will liquidate its gold reserves and begin accumulating Bitcoin as a treasury asset.
Bitcoin tumbled sharply today, shedding more than 3.5% in a matter of hours and briefly flirting with the critical $100,000 level.
Bitcoin is treading water near $105,000, but pressure is building on both sides of the trade as macro forces tighten.