{"id":647509,"date":"2024-10-12T01:30:36","date_gmt":"2024-10-12T01:30:36","guid":{"rendered":"https:\/\/wncen.com\/?p=647509"},"modified":"2024-10-11T15:38:33","modified_gmt":"2024-10-11T15:38:33","slug":"bitcoin-next-move-veteran-trader-predicts-possible-75-crash-heres-why","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-next-move-veteran-trader-predicts-possible-75-crash-heres-why\/","title":{"rendered":"Bitcoin\u2019s Next Move? Veteran Trader Predicts Possible 75% Crash\u2014Here\u2019s Why"},"content":{"rendered":"<p data-pm-slice=\"1 1 []\">Peter Brandt, a well-known veteran in the trading community, recently took to X to share a concerning <a href=\"https:\/\/twitter.com\/PeterLBrandt\/status\/18084402?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">outlook<\/a> on Bitcoin price trajectory.<\/p>\n<p data-pm-slice=\"1 1 []\">Brandt\u2019s 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.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-puell-multiple-signals-a-bullish-surge-could-a-new-ath-be-near\/\" target=\"_blank\" rel=\"noopener \">Bitcoin\u2019s Puell Multiple Signals A Bullish Surge: Could A New ATH Be Near?<\/a><\/div>\n<h2 data-pm-slice=\"1 1 []\">Reason Why A 75% Plunge Could Be Looming<\/h2>\n<p data-pm-slice=\"1 1 []\">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 <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-puell-multiple-signals-a-bullish-surge-could-a-new-ath-be-near\/\" target=\"_blank\" rel=\"noopener \">new ATH<\/a> within this time frame, it typically experiences a decline of<a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-price-hope-mt-gox-delays-repayment-plan-until-october-2025\/\" target=\"_blank\" rel=\"noopener \"> over 75%<\/a>.<\/p>\n<p data-pm-slice=\"1 1 []\">Brandt emphasized the importance of Bitcoin breaking out soon, suggesting that a significant drop might follow if it doesn&#8217;t. He also <a href=\"https:\/\/x.com\/PeterLBrandt\/status\/26903079\" target=\"_blank\" rel=\"noopener nofollow\">mentioned<\/a> that markets that don\u2019t show upward momentum often struggle to do so.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Hey Bitcoiners<br \/>\nAre you familiar with the concept of &#8220;market analogs?&#8221;<br \/>\nHere is something to think about<br \/>\nIt has been 30 weeks since <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">$BTC<\/a> made an ATH<br \/>\nWhenever has not made a decisive new ATH within this time length a 75%+ decline has occurred <a href=\"https:\/\/t.co\/CUyK4C2W93\" target=\"_blank\" rel=\"noopener nofollow\">pic.twitter.com\/CUyK4C2W93<\/a><\/p>\n<p>\u2014 Peter Brandt (@PeterLBrandt) <a href=\"https:\/\/twitter.com\/PeterLBrandt\/status\/18084402?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">October 11, 2024<\/a><\/p><\/blockquote>\n<p data-pm-slice=\"1 1 []\">However, he made it clear that this was an observation based on historical data rather than a prediction or personal opinion, <a href=\"https:\/\/x.com\/PeterLBrandt\/status\/64397523\" target=\"_blank\" rel=\"noopener nofollow\">noting<\/a>:<\/p>\n<blockquote>\n<p data-pm-slice=\"1 1 []\">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.<\/p>\n<\/blockquote>\n<h2 data-pm-slice=\"1 1 []\">Bitcoin Performance And Fundamental Analysis<\/h2>\n<p>Despite Brandt\u2019s cautionary note, Bitcoin has regained ground after briefly <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-on-the-brink-will-60k-hold-or-is-a-major-correction-coming\/\" target=\"_blank\" rel=\"noopener \">dipping below $60,000<\/a>. Today, Bitcoin is trading at $62,172, up 2.8% in the past 24 hours after touching a low of $58,982 yesterday.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/oyYjYSkA\/\" alt=\"Bitcoin (BTC) price chart on TradingView\" width=\"2770\" height=\"1556\"><figcaption class=\"wp-caption-text\">BTC price is moving upwards on the 2-hour chart. Source: BTC\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=OANDA%3AXAUUSD\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p>While some traders remain hopeful that Bitcoin will continue its upward trajectory, others are growing concerned about <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-facing-potential-capitulation-amid-on-chain-liquidity-squeeze-analyst-says\/\" target=\"_blank\" rel=\"noopener \">potential volatility<\/a>, especially given the historical patterns that Brandt has outlined.<\/p>\n<p>Data from the CryptoQuant platform further supports the notion of potential downside pressure. According to a recent <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/6708289c56d1d03e40cd48bc-Bitcoin-Premium-Gap-Signals-Major-Selling-Surge-on-Coinbase\" target=\"_blank\" rel=\"noopener nofollow\">analysis<\/a>, BTC&#8217;s \u201cCoinbase Premium Gap\u201d has reached its lowest level since August, signaling a wave of selling activity.<\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/565220\/quicktake\/SDywEjFO_4d88a37f14ba3065c13a630432a68baf85dcb5d5994c8e345d6c828b7999a9e9.png?resize=1280%2C720&#038;ssl=1\" alt=\"Bitcoin Coinbase Premium Gap.\" width=\"1280\" height=\"720\"><figcaption class=\"wp-caption-text\">Bitcoin Coinbase Premium Gap. | Source: CryptoQuant<\/figcaption><\/figure>\n<p>The Coinbase Premium Gap measures the difference between Bitcoin\u2019s price on Coinbase (a US-based exchange) and other global exchanges.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoins-path-to-80000-melt-up-in-q4-2024-details-inside\/\" target=\"_blank\" rel=\"noopener \">Bitcoin\u2019s Path To $80,000 \u201cMelt-Up\u201d In Q4 2024 \u2013 Details Inside<\/a><\/div>\n<p>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 <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoins-path-to-80000-melt-up-in-q4-2024-details-inside\/\" target=\"_blank\" rel=\"noopener \">institutional interest<\/a> in Bitcoin is declining, adding weight to Brandt\u2019s observation that Bitcoin might be on the brink of a major correction.<\/p>\n<p>Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Peter Brandt, a well-known veteran in the trading community, recently took to X to share a concerning outlook on Bitcoin price trajectory. Brandt\u2019s 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\u2019s 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&#8217;t. He also mentioned that markets that don\u2019t show upward momentum often struggle to do so. Hey Bitcoiners Are you familiar with the concept of &#8220;market analogs?&#8221; 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 \u2014 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\u2019s 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&#8217;s \u201cCoinbase Premium Gap\u201d has reached its lowest level since August, signaling a wave of selling activity. The Coinbase Premium Gap measures the difference between Bitcoin\u2019s price on Coinbase (a US-based exchange) and other global exchanges. Related Reading: Bitcoin\u2019s Path To $80,000 \u201cMelt-Up\u201d In Q4 2024 \u2013 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\u2019s observation that Bitcoin might be on the brink of a major correction. Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":647513,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,441,629,1119,78790,6664,10923],"class_list":["post-647509","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-market","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market"],"acf":[],"yoast_head":"\n<title>Bitcoin Next Move? Veteran Trader Predicts Possible 75% Crash\u2014Here\u2019s Why<\/title>\n<meta name=\"description\" content=\"Peter Brandt, a well-known veteran in the trading community, recently took to X to share a concerning outlook on Bitcoin..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-next-move-veteran-trader-predicts-possible-75-crash-heres-why\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Next Move? 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His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin\u2019s Next Move? 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