Veteran trader Peter Brandt warns that the Bitcoin price chart is starting to resemble the soy market of 50 years ago. Prices peaked before falling 50% when global supplies began to exceed demand.
Bitcoin (BTCAnalysts are confident the charts will continue to show a positive trend.
“Bitcoin is forming a rare broadening top on the charts. This pattern is famous for tops,” Brandt spoke to Cointelegraph.
“In the 1970s, Soybeans formed such a top, then declined 50% in value,” Brandt stated.
Brandt has warned that history will repeat itself and it’s not just Bitcoin. Michael Saylor’s Strategy company may also be affected. “underwater.”
Stock prices of Strategy have fallen 10.13 percent in the past thirty days, as Bitcoin treasuries for corporations are being put under pressure by a steep drop in Net Asset Values (NAV).
Bitcoin’s “final thrust” Peter Brandt: “It is unlikely that you will come,”
Brandt also warned that Bitcoin’s big Bitcoin boost, which the community was waiting for, may not come to be. Instead, it could plummet to as low as $65,000.
Most analysts do believe that Bitcoin will have one last major rally before the end of this cycle. The move could send Bitcoin’s value as high at $250,000 according to participants in the industry such as BitMEX Co-founder Arthur Hayes.
Bitcoin has a strong fourth quarter historically, averaging 78.49%. according CoinGlass is a great way to collect coins.
Bitcoin also has a very strong month, October.
The sentiment is now in a downward trend after US President Donald Trump’s recent tariffs scare triggered a broader Analysts are more wary after the market’s decline following its record-high.
Bitcoin sentiment drops to “Extreme Fear”
In what is supposed to be a bullish month for crypto, The Crypto Fear & Greed Index This post is about posting. “Extreme Fear” The Wednesday Update has a score of 25,
Related: Bitcoin ‘bull run is over,’ traders say, with 50% BTC price crash warning
Bitcoin “really needs to hold here, keeping the recent higher lows in tack and have another attempt at the monthly open where it was rejected yesterday,” said Trading account AlphaBTC at X.
Not all analysts, however, are bearish.
21Shares crypto investment specialist David Hernandez said Bitcoin’s “opportunity window” If the US Consumer Price Index shows signs of improvement or the “continuation of the immaculate disinflation narrative,” adding:
“Bitcoin is coiled and ready to spring upward.”
Meanwhile, MN Trading Capital founder Michaël van de Poppe pointed The recent gold drop of 5.5% off its peak is seen as an indication that “the rotation” Bitcoins and altcoins could be about to start.
Magazine: Bitcoin to suffer if it can’t catch gold, XRP bulls back in the fight: Trade Secrets
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Source: cointelegraph.com
