Peter Brandt "Bitcoin chart similar to 1970s soybean price bubble"

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Summary

Peter Brandt warned that the Bitcoin chart shows a pattern similar to the 1970s soybean price bubble, a 'broadening top', and carries the risk of a large decline.
Brandt said Bitcoin could fall to $60,000 without the expected 'final thrust' in this cycle, and therefore holding strategies could enter a loss zone.
Meanwhile, some analysts maintain a bullish outlook, noting that Bitcoin has averaged a 78% return in the fourth quarter, and that quick rebounds are possible depending on external factors like CPI easing.

Legendary trader Peter Brandt (Peter Brandt) warned that the Bitcoin (BTC) chart resembles the bubble pattern of the 1970s soybean market. At that time, soybean prices peaked due to oversupply and then plunged 50%, and Bitcoin could show a similar trend.

On the 22nd (local time), according to Cointelegraph, Brandt said, "Bitcoin is forming a 'broadening top' pattern, which is known as a typical top signal," and "the 1970s soybean market also crashed to half after the same pattern."

He also warned, "The 'final thrust' for Bitcoin expected in this cycle may not come," and "there is a risk that Bitcoin's price could fall to $60,000." Accordingly, Strategy's Bitcoin holding strategy could also enter a loss zone, he added. Strategy's shares have fallen more than 10% over the past 30 days.

Meanwhile, some analysts still maintain a bullish outlook. Arthur Hayes, co-founder of BitMEX, predicted, "There is one large rally left in this cycle, and Bitcoin could rise as high as $250,000." According to CoinGlass data, Bitcoin has averaged a 78% return in the fourth quarter, and October is traditionally considered a strong month.

David Hernandez, an analyst at 21Shares, said, "If the US Consumer Price Index (CPI) shows signs of easing or the 'imaculate disinflation' narrative continues, Bitcoin could quickly seize an opportunity to rebound," and "Bitcoin is now compressed like a spring and is ready to spring back."

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