Is a Bitcoin crash looming? Peter Brandt warns that BTC price could fall by 75%

Veteran commodity trader Peter Brandt has suggested that Bitcoin (BTC) prices could fall by as much as 75%.

The 77-year-old issued his warning based on his observation that in the past, Bitcoin experienced a major correction if it failed to reach a new all-time high (ATH) within 30 weeks of its previous high.

Do past patterns suggest a potential decline in Bitcoin?

Brandt's comments come at a time when the multitrillion-dollar cryptocurrency has struggled to maintain upward momentum in recent months. It has been 30 weeks since March 14th when the price exceeded $73,000 to register a new ATH.

The asset is currently down 17.6% from its peak, and the price has fallen just 0.5% from previous levels in the past 24 hours. However, the regression was most pronounced in two weeks, with BTC losing 7.1% of its value during that period.

While some quarters may view these as small fluctuations, Brandt's analysis points to a much larger historical pattern that could signal trouble ahead for investors.

According to The Factor's CEO, in previous cycles, Bitcoin often failed to continue its upward trajectory after reaching the final price milestone, resulting in a large decline. “A market that doesn't go up usually can't go up,” he said, suggesting the current stagnation could lead to a bearish turn.

The analyst further clarified that his ratings are based on historical patterns rather than personal opinion, saying, “I'm always amused by people who confuse market observation with market opinion.'' Ta.

However, Brandt still expressed confidence in Bitcoin's long-term value, stating that it is the largest tradable asset in his portfolio.

Crypto community reaction

As is often the case when prominent figures make statements that are deemed controversial, the legendary chartist's comments sparked conversation, with many traders sharing their thoughts on his warning.

Some have speculated that the development of the Spot Bitcoin ETF may have caused the cryptocurrency's ATH to rise prematurely, suggesting that external factors may be distorting the normal price cycle.

It also questions the soundness of comparing past cycles, particularly with respect to the Bitcoin halving that occurred earlier this year and the impact that institutional investors like BlackRock could have on changing current market dynamics. There were people too.