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Peter Brandt, one of the most famous commodity traders, has sent shockwaves across the cryptocurrency community by noting that the price of Bitcoin might potentially crash by a staggering 75%.
Brandt's warning is based on the fact that the flagship cryptocurrency would typically face such a dramatic decline after failing to record a new price peak within 30 weeks after recording its previous all-time high.
Bitcoin recorded its current record peak of $73,737.94 on March 14. It has been more than 30 weeks since the cryptocurrency's previous record peak.
At the same time, Brandt has stressed that this is merely a market observation, not an opinion. "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," he stressed.
The prominent chartist has also noted that Bitcoin is the "largest single tradeable asset" in his net worth.
The largest cryptocurrency is currently trading at $60,693 after logging a minor 0.4% price drop over the past 24 hours.
Arman Shirinyan
Dan Burgin
Vladislav Sopov
U.Today Editorial Team