Bitcoin experienced strong selling pressure following the US CPI data released yesterday, which came in slightly above expectations, and fell to $58,900.
However, after it rose back above $60,000, legendary investor Peter Brandt predicted that BTC had a 75% chance of a correction from current levels.
Bitcoin (BTC) Warned Its Investors!
Famous trader Peter Brandt, in his post from his X account, drew attention to the historical trend in Bitcoin and warned investors about the decline.
Drawing attention to the concept of market analogs, Peter Brandt stated that 30 weeks have passed since Bitcoin reached its all-time high.
At this point, the analyst said that if the BTC price fails to make a new ATH in this time frame, it faces the risk of another drop, noting that it has experienced a significant drop of over 75%, as in previous examples.
“Hey Bitcoiners, Are you familiar with the concept of Market Analogs?
This is something to think about.
It's been 30 weeks since Bitcoin hit ATH.
“Without a definitive new ATH during this time frame, a drop of over 75% has occurred.”
After his Bitcoin post, Brandt said he was an old man and reminded of an old saying, “Markets that don't go up usually don't go up.”
Hey Bitcoiners
Are you familiar with the concept of "market analogs?"
Here is something to think about
It has been 30 weeks since $BTC made an ATH
Whenever has not made a decisive new ATH within this time length a 75%+ decline has occurred pic.twitter.com/CUyK4C2W93— Peter Brandt (@PeterLBrandt) October 11, 2024
*This is not investment advice.
