Seasoned trader Peter Brandt is warning that Bitcoin (BTC) has historically witnessed a massive meltdown after failing to print new record highs for a certain amount of time.
The legendary trader tells his 742,500 followers on the social media platform X that BTC is at risk of collapsing after failing to spark sustained rallies for about eight months.
[adinserter block="1"]“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 (all-time high).
Whenever [BTC] has not made a decisive new ATH within this time length, a 75%+ decline has occurred.”
Brandt says Bitcoin’s price doldrums remind him of an old adage about market weakness.
“I am an old guy and there is an old saying:
‘Markets that don’t go up usually can’t go up.'”
While Brandt is outlining a very bearish scenario for Bitcoin, he highlights that he is only sharing an observation and not a market prediction.
“Just making an observation. Bitcoin is the largest single tradeable asset in my net worth. He who cannot look both ways usually ends up in a car accident.”
Last week, he unveiled a bullish scenario for Bitcoin, noting that BTC tends to print massive gains in the second half of a halving cycle.
“Here is the macro picture of Bitcoin BTC.
Observations:
-Huge gains come in post-half of halving cycles
-Period since Mar 2024 appears as insignificant, brief pause in an ongoing trend
-My target is $135,000 in Aug/Sep 2025
-Close below $48,000 negates my chart analysis.”
At time of writing, Bitcoin is worth $62,741.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Generated Image: DALLE3