Seasoned dealer Peter Brandt is warning that Bitcoin (BTC) has traditionally witnessed a large meltdown after failing to print new report highs for a sure period of time.
The legendary dealer tells his 742,500 followers on the social media platform X that BTC is prone to collapsing after failing to spark sustained rallies for about eight months.
“Hey Bitcoiners, are you conversant in the idea of ‘market analogs?’
Right here is one thing to consider.
It has been 30 weeks since BTC made an ATH (all-time excessive).
At any time when [BTC] has not made a decisive new ATH inside this time size, a 75%+ decline has occurred.”
Brandt says Bitcoin’s value doldrums remind him of an previous adage about market weak spot.
“I’m an previous man and there may be an previous saying:
‘Markets that don’t go up often can’t go up.’”
Whereas Brandt is outlining a really bearish state of affairs for Bitcoin, he highlights that he’s solely sharing an statement and never a market prediction.
“Simply making an statement. Bitcoin is the most important single tradeable asset in my internet value. He who can not look each methods often results in a automobile accident.”
Final week, he unveiled a bullish state of affairs for Bitcoin, noting that BTC tends to print huge beneficial properties within the second half of a halving cycle.
“Right here is the macro image of Bitcoin BTC.
Observations:
-Big beneficial properties are available in post-half of halving cycles
-Interval since Mar 2024 seems as insignificant, temporary pause in an ongoing pattern
-My goal is $135,000 in Aug/Sep 2025
-Shut under $48,000 negates my chart evaluation.”
At time of writing, Bitcoin is value $62,741.
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