Bitcoin’s Next Move? Veteran Trader Predicts Possible 75% Crash—Here’s Why

Name	Symbol	Market	Market Cap ($)	Algorithm
Quant	QNTUSD	Crypto	1,284,832,522	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Quant

QNTUSD

Crypto

1,284,832,522

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	9.06	11.38%	88.70	88.66	88.74

Price Change

Price Change %

Current Price

Bid Price

Offer

9.06

11.38%

88.70

88.66

88.74

High Price	Low Price	Open Price	Prev. Close	52 Week Range
93.68	79.52	79.52	79.64	50.05 - 153.83

High Price

Low Price

Open Price

Prev. Close

52 Week Range

93.68

79.52

79.64

50.05 - 153.83

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	14:37:13	4.55	88.70	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

14:37:13

4.55

88.70

USD

Price x Volume	Volume	Base Symbol	Related Pairs
4,396,780.70	50,621.90	QNT	QNTEUR	QNTGBP	QNTBTC

Price x Volume

Volume

Base Symbol

Related Pairs

4,396,780.70

50,621.90

Bitcoin’s Next Move? Veteran Trader Predicts Possible 75% Crash—Here’s Why

12/10/2024 2:30am

NEWSBTC

Peter Brandt, a well-known veteran in the trading community, recently took to X to share a concerning outlook on Bitcoin price trajectory. Brandt’s warning comes amid a relatively stagnant performance by the leading crypto, failing to produce any decisive moves toward new all-time highs in recent months. Brand pointed out a historical pattern that could signal a 75% drop for Bitcoin. Related Reading: Bitcoin’s Puell Multiple Signals A Bullish Surge: Could A New ATH Be Near? Reason Why A 75% Plunge Could Be Looming In his post, Peter Brandt pointed out that Bitcoin has been moving sideways for 30 weeks since its last all-time high (ATH). He referenced historical patterns, explaining that when Bitcoin fails to make a new ATH within this time frame, it typically experiences a decline of over 75%. Brandt emphasized the importance of Bitcoin breaking out soon, suggesting that a significant drop might follow if it doesn’t. He also mentioned that markets that don’t show upward momentum often struggle to do so. Hey Bitcoiners Are you familiar with the concept of “market analogs?” Here is something to think about It has been 30 weeks since $BTC made an ATH Whenever has not made a decisive new ATH within this time length a 75%+ decline has occurred pic.twitter.com/CUyK4C2W93 — Peter Brandt (@PeterLBrandt) October 11, 2024 However, he made it clear that this was an observation based on historical data rather than a prediction or personal opinion, noting: 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. Bitcoin Performance And Fundamental Analysis Despite Brandt’s cautionary note, Bitcoin has regained ground after briefly dipping below $60,000. Today, Bitcoin is trading at $62,172, up 2.8% in the past 24 hours after touching a low of $58,982 yesterday. While some traders remain hopeful that Bitcoin will continue its upward trajectory, others are growing concerned about potential volatility, especially given the historical patterns that Brandt has outlined. Data from the CryptoQuant platform further supports the notion of potential downside pressure. According to a recent analysis, BTC’s “Coinbase Premium Gap” has reached its lowest level since August, signaling a wave of selling activity. The Coinbase Premium Gap measures the difference between Bitcoin’s price on Coinbase (a US-based exchange) and other global exchanges. Related Reading: Bitcoin’s Path To $80,000 “Melt-Up” In Q4 2024 – Details Inside A positive premium typically indicates strong buying pressure from US investors, while a negative premium can reflect waning demand. The current negative premium could suggest that institutional interest in Bitcoin is declining, adding weight to Brandt’s observation that Bitcoin might be on the brink of a major correction. Featured image created with DALL-E, Chart from TradingView

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