Veteran trader Peter Brandt warns that Bitcoin (BTC) has historically witnessed major meltdowns after failing to reach new record highs for a period of time.
The legendary trader told his 742,500 followers on social media platform
“Dear Bitcoiners, are you familiar with the concept of “market analog''?
Here's something to think about.
It has been 30 weeks since BTC hit its ATH (all-time high).
anytime [BTC] If no definitive new ATH was obtained within this period, a decline of more than 75% occurred. ”
Brandt says the slump in Bitcoin prices reminds him of the old adage about market weakness.
“I'm an old man, but there's an old saying:
“A market that doesn't go up usually never goes up.”
Although Brandt outlines a very bearish scenario for Bitcoin, he emphasizes that he is only sharing his observations and not making market predictions.
“I'm just observing. Bitcoin is the largest single tradable asset in my net worth. People who can't see both ways usually end up in a car accident.”
Last week, he laid out a bullish scenario for Bitcoin, noting that Bitcoin tends to record huge gains in the second half of halvings.
“This is a macro photo of Bitcoin BTC.
Findings:
– Significant gains in the second half of the halving cycle
– The period after March 2024 is not significant and appears to be a temporary hiatus in the ongoing trend.
-My goal is $135,000 in August or September 2025
A close below -$48,000 invalidates my chart analysis. ”
As of this writing, Bitcoin is worth $62,741.
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