A well-known trader, Peter Brandt, is raising concerns about Bitcoin’s future. He thinks the cryptocurrency could be in for a major crash, potentially dropping by 75%.
Why a Crash Could Be Coming
Brandt points to a historical pattern in Bitcoin’s price movements. He noticed that whenever Bitcoin fails to reach a new all-time high within 30 weeks, it usually ends up dropping by over 75%. Bitcoin has been stuck in a sideways trading range for 30 weeks now, so Brandt is worried that this pattern might repeat itself.
He emphasizes that Bitcoin needs to break out of this sideways trading soon, or a big drop could be on the horizon.
Is Bitcoin Really in Trouble?
While Brandt’s warning is based on historical data, it’s not a prediction. He’s simply pointing out a potential risk.
Despite his concerns, Bitcoin has recently recovered after dipping below $60,000. It’s currently trading above $62,000, showing some signs of strength.
However, some analysts are worried about potential volatility. Data from CryptoQuant suggests that institutional interest in Bitcoin might be waning, which could add fuel to a potential downturn.
It’s still too early to say for sure what will happen to Bitcoin. But Brandt’s warning serves as a reminder that the cryptocurrency market is volatile, and investors should be prepared for potential downturns.
