Bitcoin’s price chart began to show similarities to the soybean market around 50 years ago, which saw prices top before falling by 50% as global supply began to outstrip demand, warns veteran trader Peter Brandt.
However, other bitcoin (BTC) Analysts are confident that the charts have signed a further upside.
“Bitcoin is forming a rare top extension on the charts. This pattern is famous for tops,” Brandt told Cointelegraph.
“In the 1970s, soybeans formed like a peak, then declined 50% value,” said Brandt.
Brandt warned that if history repeats itself, it will not only affect Bitcoin, it will also leave the strategy of Michael Saylor’s company “at the bottom of the sea.”
Strategy’s (MSTR) stock price has fallen 10.13% over the past 30 days amid corporate Bitcoin Treasuries facing mounting pressure from a sharp drop in net asset values (NAV).
Bitcoin’s “final push” may never come, says Peter Brandt
Brandt further warned that the big Bitcoin bomb the crypto community has been waiting for may not happen, and instead, Bitcoin may head to levels below $60,000.
Most analysts, however, believe that Bitcoin still has a major rally left in this cycle, a move that could push Bitcoin’s price as high as $250,000, according to industry participants such as Bitmex co-founder Arthur Hayes.
The fourth quarter was Bitcoin’s strongest quarter, with an average return of 78.49%, according in coinglass.
October is also seen as a strong month for Bitcoin.
However, sentiment has entered a downtrend after President Donald Trump’s recent tariffs Fear triggers a wider The market slump followed record highs, leaving analysts more cautious.
Crypto sentiment plunges into “extreme fear”
In what should be a bullish month for crypto, the crypto fear and greed INDEX Posted an “intense fear” score of 25 in Wednesday’s update.
Related: Bitcoin ‘Bull Run’ Is Over, Traders Say, With 50% BTC Price Crash Warning
Bitcoin “really needs to hold here, keeping the recent higher lows in tack and have another attempt at the monthly tomorrow where it rejected yesterday,” said Trading Account Alphabtc at X.
However, not all analysts are as bearish.
21Shares Crypto Investment Specialist David Hernandez said Bitcoin’s “Opportunity Window” could open quickly for potential upward price movement if the US consumer price index (CPI) shows any signs of relief or the “continuation of the non-lethal disinflation narrative,” adding:
“Bitcoin is coiled and ready to spring upwards.”
Meanwhile, MN Trading Capital Foot Michael of Pupps Taught With the recent 5.5% fall of gold from its highs as a sign that “the cycle” in Bitcoin and altcoins may begin.
Magazine: Bitcoin Will Suffer If It Can’t Catch Gold, XRP Bulls Back In Battle: Trade Secrets
