Peter Brandt, veteran crypto trader and Bitcoin advocate, has spilled a hard truth on Bitcoin’s price pattern in a recent X post on Monday, December 1st.
The trader shared a rare analysis suggesting that the leading cryptocurrency will see a massive price rally in the future, but it may plunge harder first.
In his post, Peter Brandt shared a long-term Bitcoin chart that shows repeated patterns in all Bitcoin’s bull cycles since its launch.
Bitcoin's correction may be far from over
Brandt warned that Bitcoin might still be headed for a deeper correction, as its previous bull markets have all ended the same way.
He noted that these bull markets have often been preceded by a 75% or greater price correction. While he explained that there have been five major bull cycles since the asset launched in 2010, the chart shows each of the cycles moving on a steep, curved parabolic rise, followed by a sharp violation of that curve which then leads to a deep price correction.
While he emphasized that no exceptions have been made in all previous cycles, the veteran trader believes that this current cycle would not be an exception either.
With the current market uncertainty practically aligning with Brandt’s analysis, the chart shows that Bitcoin is currently hovering near the lower boundary of its long-term parabolic pattern.
Bitcoin at $250,000 still possible
Thus, Brandt issued a serious warning that the crypto market should prepare for a deeper correction, which is what history has delivered every time if the curve breaks like in other cycles.
However, long-term investors may not need to panic, as Brandt further assured that Bitcoin’s long-term potential remains intact and a major bull run is still waiting ahead.
Despite the slowing exponential growth, Peter Brandt predicted that the next major bull cycle could still carry BTC toward the $200,000 to $250,000 level.
However, the massive rally will not happen in the near term, and Bitcoin might need to fall as low as $50,000 first to achieve this target.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team