Seasoned dealer Peter Brandt is warning that Bitcoin (BTC) has traditionally witnessed an enormous meltdown after failing to print new file highs for a sure period of time.
The legendary dealer tells his 742,500 followers on the social media platform X that BTC is vulnerable to collapsing after failing to spark sustained rallies for about eight months.
“Hey Bitcoiners, are you acquainted with 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).
Each time [BTC] has not made a decisive new ATH inside this time size, a 75%+ decline has occurred.”
Brandt says Bitcoin’s worth doldrums remind him of an previous adage about market weak point.
“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 web 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 features within the second half of a halving cycle.
“Right here is the macro image of Bitcoin BTC.
Observations:
-Big features are available in post-half of halving cycles
-Interval since Mar 2024 seems as insignificant, temporary pause in an ongoing development
-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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