A Bitcoin Crash Coming? Peter Brandt sounded the alarm on the 75% BTC price drop

Veteran commodity trader Peter Brandt has suggested that the price of Bitcoin (BTC) could drop by 75%.

Based on the observation based on the 77-year-old's warning, Bitcoin experienced a major correction after failing to reach a new all-time high (ATH) within 30 weeks of its previous high.

Could Historical Patterns Be A Downside for Bitcoin's Downfall?

Brandt's comments come as the trillion-dollar cryptocurrency struggles to maintain its upward momentum in recent months. It has been 30 weeks since March 14, when the price rose above $73,000 to record a new ATH.

The asset is currently down 17.6% from that peak, and the price has seen a slight 0.5% drop from its previous level in the last 24 hours. However, the recovery was most pronounced in two weeks, with BTC shedding 7.1% in value over that period.

While some quarters may view these as minor upheavals, Brandt's analysis points to a much larger historical pattern that could signal trouble ahead for investors.

According to Factor's CEO, in previous cycles, bitcoin's failure to sustain an upward trend after reaching its final price phase has caused it to pull back several times. He suggested that the current slowdown could lead to a depression, adding that “markets that are not up are usually not going to go up.”

The analyst added that his evaluation document is based on historical conditions and not on personal opinion. “People who confuse market observation with market opinion always amuse me.”

However, Brandt expressed confidence in Bitcoin's long-term value, saying it is still the largest tradable asset in his portfolio.

Crypto community response

As is often the case when a celebrity makes a controversial statement, the legendary chartist's comments had many traders sharing their thoughts on the warning.

Some have speculated that the cryptocurrency's premature ATH could be due to the growth of spot Bitcoin ETFs, suggesting that external factors can distort normal price cycles.

Others have questioned the sanity of comparisons to previous cycles, especially since Bitcoin's halving earlier in the year and the impact of institutional players like BlackRock could alter current market dynamics.