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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.
Arman ShirinyanThe 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.
A long streak of sideways trading
According to CryptoQuant CEO Kim Young Ju, Bitcoin is on track to record the longest streak of sideways trading in a halving year in history. Bitcoin bulls have just two weeks left to kick off another bull run and prevent this from happening.
Notably, this was the first market cycle when Bitcoin reached a new record peak before the quadrennial halving, which took place in August.
Despite the Fed's jumbo rate cut boosting the largest cryptocurrency in September, the ball is still not in the bulls' court. Earlier this week, the leading cryptocurrency collapsed below the $60,000 level. Despite paring some losses, the cryptocurrency remains on shaky ground.
Vladislav Sopov
Dan Burgin
U.Today Editorial Team