Veteran commodities trader and renowned chartist Peter L. Brandt has posed a stark question to the cryptocurrency community: Is Bitcoin currently following its 2022 price script, potentially setting the stage for a significant 75% correction?
Brandt shared charts illustrating past and present Bitcoin price action, drawing parallels that suggest a cautionary outlook.
Brandt’s analysis points to recurring patterns in Bitcoin’s price behavior. The charts display structures he labels as “Bump,” “Dump,” and “Thump,” which appeared in a previous downtrend.
Crucially, a “Double top” formation is also highlighted in the historical context, a classic bearish reversal pattern.
The core of Brandt’s query lies in whether the current market structure is mirroring these past bearish formations.
If BTC is indeed repeating its 2022 script, investors could face a substantial downside, potentially leading to a 75% price correction from current levels.
While Brandt frames his observation as a question—”Doesn’t hurt to ask this, does it?”—it serves as a critical reminder for traders and investors to consider potential downside risks and historical precedents in an often volatile market.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/peter-brandt-questions-if-a-75-correction-looms-mirroring-2022-script/