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Bitcoin Next Move? Veteran Trader Predicts Possible 75% Crash—Here’s Why
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Bitcoin’s Next Move? Veteran Trader Predicts Possible 75% Crash—Here’s Why

Samuel Edyme
Samuel Edyme
7 months ago
3 mins read
Bitcoin Next Move? Veteran Trader Predicts Possible 75% Crash—Here’s Why

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Peter Brandt, a well-known veteran in the trading community, recently took to X to share a concerning outlook on Bitcoin price trajectory.

Brandt’s warning comes amid a relatively stagnant performance by the leading crypto, failing to produce any decisive moves toward new all-time highs in recent months. Brand pointed out a historical pattern that could signal a 75% drop for Bitcoin.

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Reason Why A 75% Plunge Could Be Looming

In his post, Peter Brandt pointed out that Bitcoin has been moving sideways for 30 weeks since its last all-time high (ATH). He referenced historical patterns, explaining that when Bitcoin fails to make a new ATH within this time frame, it typically experiences a decline of over 75%.

Brandt emphasized the importance of Bitcoin breaking out soon, suggesting that a significant drop might follow if it doesn’t. He also mentioned that markets that don’t show upward momentum often struggle to do so.

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
Whenever has not made a decisive new ATH within this time length a 75%+ decline has occurred pic.twitter.com/CUyK4C2W93

— Peter Brandt (@PeterLBrandt) October 11, 2024

However, he made it clear that this was an observation based on historical data rather than a prediction or personal opinion, noting:

I am always amused by people who confuse a market observation with a market opinion. Drivers who cannot turn their heads in both directions always end up in an accident.

Bitcoin Performance And Fundamental Analysis

Despite Brandt’s cautionary note, Bitcoin has regained ground after briefly dipping below $60,000. Today, Bitcoin is trading at $62,172, up 2.8% in the past 24 hours after touching a low of $58,982 yesterday.

Bitcoin (BTC) price chart on TradingView
BTC price is moving upwards on the 2-hour chart. Source: BTC/USDT on TradingView.com

While some traders remain hopeful that Bitcoin will continue its upward trajectory, others are growing concerned about potential volatility, especially given the historical patterns that Brandt has outlined.

Data from the CryptoQuant platform further supports the notion of potential downside pressure. According to a recent analysis, BTC’s “Coinbase Premium Gap” has reached its lowest level since August, signaling a wave of selling activity.

Bitcoin Coinbase Premium Gap.
Bitcoin Coinbase Premium Gap. | Source: CryptoQuant

The Coinbase Premium Gap measures the difference between Bitcoin’s price on Coinbase (a US-based exchange) and other global exchanges.

Related Reading

bitcoin

Bitcoin’s Path To $80,000 “Melt-Up” In Q4 2024 – Details Inside

7 months ago

A positive premium typically indicates strong buying pressure from US investors, while a negative premium can reflect waning demand. The current negative premium could suggest that institutional interest in Bitcoin is declining, adding weight to Brandt’s observation that Bitcoin might be on the brink of a major correction.

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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