{"id":13318,"date":"2024-10-12T01:30:36","date_gmt":"2024-10-12T01:30:36","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=13318"},"modified":"2024-10-12T01:30:36","modified_gmt":"2024-10-12T01:30:36","slug":"bitcoins-next-move-veteran-trader-predicts-possible-75-crash-heres-why","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=13318","title":{"rendered":"Bitcoin\u2019s Next Move? Veteran Trader Predicts Possible 75% Crash\u2014Here\u2019s Why"},"content":{"rendered":"

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

Brandt\u2019s 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.<\/p>\n

Reason Why A 75% Plunge Could Be Looming<\/h2>\n

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<\/a> within this time frame, it typically experiences a decline of over 75%<\/a>.<\/p>\n

Brandt emphasized the importance of Bitcoin breaking out soon, suggesting that a significant drop might follow if it doesn\u2019t. He also mentioned<\/a> that markets that don\u2019t show upward momentum often struggle to do so.<\/p>\n

Hey Bitcoiners
\nAre you familiar with the concept of \u201cmarket analogs?\u201d
\nHere is something to think about
\nIt has been 30 weeks since $BTC<\/a> made an ATH
\nWhenever has not made a decisive new ATH within this time length a 75%+ decline has occurred pic.twitter.com\/CUyK4C2W93<\/a><\/p>\n

\u2014 Peter Brandt (@PeterLBrandt) October 11, 2024<\/a><\/p>\n

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

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.<\/p>\n

Bitcoin Performance And Fundamental Analysis<\/h2>\n

Despite Brandt\u2019s cautionary note, Bitcoin has regained ground after briefly dipping below $60,000<\/a>. Today, Bitcoin is trading at $62,172, up 2.8% in the past 24 hours after touching a low of $58,982 yesterday.<\/p>\n

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

Data from the CryptoQuant platform further supports the notion of potential downside pressure. According to a recent analysis<\/a>, BTC\u2019s \u201cCoinbase Premium Gap\u201d has reached its lowest level since August, signaling a wave of selling activity.<\/p>\n

The Coinbase Premium Gap measures the difference between Bitcoin\u2019s price on Coinbase (a US-based exchange) and other global exchanges.<\/p>\n

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<\/a> in Bitcoin is declining, adding weight to Brandt\u2019s observation that Bitcoin might be on the brink of a major correction.<\/p>\n

Featured image created with DALL-E, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":"

Peter Brandt, a well-known veteran in the trading community, recently took to X to share a concerning outlook on Bitcoin price trajectory. Brandt\u2019s 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 […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-13318","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/13318"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13318"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/13318\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}