CandleFocus Bitcoin’s Next Move? Veteran Trader Predicts Possible 75% Crash—Here’s Why
2024-10-12
Author: Content Editor
Veteran trader Peter Brandt has warned that Bitcoin could experience a 75% decline based on a historical pattern. He pointed out that Bitcoin has been moving sideways for 30 weeks since its last all-time high, and when this occurs, a significant drop typically follows. Brandt emphasized the importance of Bitcoin breaking out soon to avoid this potential decline. However, Brandt clarified that this was an observation based on historical data rather than a prediction or personal opinion. Bitcoin has regained ground after briefly falling below $60,000 and is currently trading at $62,172. Some traders are growing concerned about potential volatility, considering the historical patterns and the low Coinbase Premium Gap, which indicates a potential wave of selling activity and a decline in institutional interest in Bitcoin.
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