Bitcoin (BTC) Faces 75% Crash Risk as Seasoned Trader Peter Brandt Leans Bearish

Seasoned trader Peter Brandt is leaning bearish on Bitcoin (BTC) as the benchmark cryptocurrency hovers 17% below its all-time.

Seasoned trader Peter Brandt is leaning bearish on Bitcoin (BTC) as the cryptocurrency trades about 17% below its all-time high, with new signals suggesting that BTC could be set for a steep downward move.

Bitcoin Price Action Today

Bitcoin price today flounders around $62,333.63, showing a 0.32% decrease in the past 24 hours and a 1.23% decline over the past seven days, according to CoinGecko.

Over the past 30 days, the cryptocurrency has shown a 2.3% decrease. The cryptocurrency is now trading about 17% below its March all-time high of $73,737, as shown by CoinGecko data.

Bitcoin price chart. Source: TradingView

Chart expert Brandt has warned of a potential 75% plunge, citing a historical price trend for his bearish outlook. In his post on X, he noted that Bitcoin would typically experience such an intense pullback after failing to register a new record high within 30 weeks after posting its previous price peak.

“Markets That Don’t Go Up Usually Can’t Go Up” – Peter Brandt on BTC Price Action

In his recent analysis, legendary trader Peter Brandt highlighted a crucial observation regarding Bitcoin's price movements throughout the years.

According to Brandt, whenever Bitcoin fails to reach a new all-time high (ATH) within 30 weeks of setting the previous peak, the cryptocurrency tends to experience a significant decline of around 75%.

This observation is based on his analysis of past Bitcoin price movements, which have followed a particular pattern.

Brandt also noted the old maxim that says, “Markets that don’t go up usually can’t go up.” He also emphasized that his analysis is just 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,” the legendary trader added.

Bitcoiners On Reddit Discussed Brandt's Analysis Further

Brandt's analysis sparked further discussion among Bitcoiners on Reddit, with some users delving deeper into the implications of his observation.

One user pointed out that Brandt's analysis seems to align with the Wyckoffian market cycle, which suggests that after a massive bull run, there's usually a trading range followed by a steep decline.

Others noted that Brandt's analysis is primarily based on past movements and might not necessarily hold true in the future, especially considering the external factors that could influence Bitcoin's price.

When asked whether he is a Bitcoiner or a chart trader, Brandt revealed that Bitcoin is the “largest single, tradeable asset” in his net worth.

Bitcoin Is Two Weeks Away From Recording Its Longest-Ever Sideways Post-Halving

Meanwhile, Bitcoin is on track to register its longest sideways phase after a halving event. In particular, CryptoQuant founder Ki Young Ju observed on Friday that the alpha crypto has only 14 days to enter a parabolic rally if history repeats itself.

“285 days have passed since the bitcoin halving,” Young Ju wrote on X. “If there is no bull market in 14 days, this will mark the longest sideways post-halving in history.”

Bitcoin halvings happen quadrennially and reduce the block rewards to miners by 50%. Following previous halvings, the price of Bitcoin has historically set new lifetime highs.

However, the cryptocurrency has mostly languished in the $59,000-$65,000 range since the April halving, closing in on a 300-day sideways action record from 2016.

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