 
 
Professional trader Peter Brandt noted similarities between Bitcoin’s price charts and those of the soybean market in the 1970s.
This signals potential volatility in the asset class, as most coins continue to trade sideways following the last dip. Several traders have also spotted a downward trend, warning of major institutional pullbacks.
Will Bitcoin Price Withstand The Pressure?
Peter Brandt has added to growing concerns about Bitcoin price direction, signaling an imminent correction. He linked recent movements to the soybean analysis about 50 years ago that saw the price crash by 50%. A look at the market shows short-term corrections as traders stall due to macro pressure.
Bitcoin is forming a rare broadening top on the charts. This pattern is famous for tops. In the 1970s, Soybeans formed such a top, then declined 50% in value.”
Another correction could be a major blow to the bull cycle that topped at $125k and fueled massive institutional investments. At the time of writing, Bitcoin trades at $107,716, plummeting 4% this week despite an initial “Uptober” momentum. Large whales also reduced accumulation across a range of assets with Bitcoin at the center.
 
Whales making bearish bets weaken trader confidence, leading to declining crypto prices. The reverse has been seen in previous months as bullish positioning ushered in record highs. Recently, firms like Strategy, Metaplanet, Galaxy, etc, increased Bitcoin holdings. The surge was directly linked to the spike in market cap and global adoption. If whales spot an imminent bear phase, institutional capital slows, leading to a reversal.
Brandt added that a Bitcoin dip of 50% or more could leave Michael Saylor’s strategy underwater. The company’s stock price slumped 10% in the last 30 days, igniting fear among crypto treasury firms. Furthermore, he watered down expectations for a Bitcoin jump, noting that the price could drop to as low as $60,000. The trader’s bear market predictions follow a string of analysts warning traders of a pullback.
This week, Willy Woo tipped a harsh bear market driven by macro trends, such as a business-cycle downturn. Describing it as a novel crypto crash, he likened the red wave to the dot-com bubble and the 2008 housing market meltdown.
Despite calls for caution, some bulls remain unfazed, maintaining their bullish stance for a strong end to the year. Historically, Q4 is Bitcoin’s strongest quarter with average gains topping 78.4%.
Source: https://zycrypto.com/peter-brandt-projects-50-bitcoin-decline-if-price-pattern-remains-unchanged/