Prominent trader Peter Brandt forecasts 75% bitcoin correction

Prominent trader Peter Brandt has drawn a comparison between bitcoin's price action over the past year and its 2011–2022 cycle. He suggests that the cryptocurrency could follow a similar pattern, potentially facing a massive correction and plummeting by 75%.

Market participants were taken aback by this prediction, especially since bitcoin had just hit a new all-time high of $111,979 on May 22. To support his case, Brandt pointed to his own analysis dated April 26, 2024. According to his findings, in every previous market cycle, the cryptocurrency first saw rapid price surges before gradually losing upward momentum, eventually leading to dramatically slower growth.

At the time of his analysis, BTC was trading at around $64,000. However, Donald Trump then announced plans to create a bitcoin reserve, regulators dropped cases against major exchanges, and the price of digital gold hit a new all-time high. Still, Brandt stuck to his original view. In his opinion, a bitcoin correction is only a matter of time.