Veteran trader Peter Brandt warns that Bitcoin (BTC) has historically witnessed a massive meltdown after failing to reach new all-time highs for a period of time.
The legendary trader tells According to its 742,500 followers on social media platform
“Hey Bitcoiners, are you familiar with the concept of ‘market analogs?’
Here’s something to think about.
It has been 30 weeks since BTC made an ATH (all-time high).
Whenever [BTC] If no decisive new ATH is made within this time, a decline of more than 75% has occurred.”
Brandt say Bitcoin’s price declines remind him of an old saying about market weakness.
“I’m an old man and there’s an old saying:
“Markets that don’t rise usually can’t rise.”
While Brandt paints a very bearish scenario for Bitcoin, he says highlights that he is only sharing an observation and not a market forecast.
‘I’m just making an observation. Bitcoin is the largest tradable asset in my net worth. Those who cannot look both ways usually end up in a car accident.”
Last week, he revealed a bullish scenario for Bitcoin, noting that BTC tends to post huge gains in the second half of a halving cycle.
“Here is the macro photo of Bitcoin BTC.
Observations:
-Huge gains come after half of the halving cycles
-The period since March 2024 appears to be an insignificant, brief pause in an ongoing trend
-My goal is $135,000 by August/September 2025
-Close below $48,000 negates my chart analysis.”
At the time of writing, Bitcoin is worth $62,741.
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Generated image: DALLE3