Peter Brandt, a veteran crypto trader and prominent Bitcoin advocate, has shared a stark assessment of Bitcoin's price pattern, suggesting a significant downturn may precede a substantial rally. Brandt articulated this outlook in a recent X post on Monday, December 1st.
The trader presented a long-term Bitcoin chart in his post, which illustrates recurring patterns observed in all of Bitcoin's bull cycles since its inception. This analysis indicates that while a massive price surge is anticipated for the leading cryptocurrency in the future, a preceding plunge is likely.
Bitcoin's Correction May Be Far From Over
Brandt cautioned that Bitcoin could be facing a more profound correction. He highlighted that previous bull markets for the asset have consistently concluded in a similar fashion.
He noted that these bull markets have typically been preceded by price corrections of 75% or more. Brandt explained that since Bitcoin's launch in 2010, there have been five major bull cycles. The chart he shared depicts each of these cycles as a steep, curved parabolic rise, followed by a sharp break from that curve, which then results in a significant price correction.
Emphasizing that no exceptions have occurred in any previous cycles, the veteran trader believes this current cycle will be no different.
The current market uncertainty appears to align closely with Brandt's analysis. The chart shows Bitcoin trading near the lower boundary of its long-term parabolic pattern.
Bitcoin at $250,000 Still Possible
Consequently, Brandt issued a serious warning, advising the crypto market to brace for a deeper correction. He stated that historical patterns suggest this is what has occurred every time the curve has been broken, as seen in other cycles.
However, Brandt also offered reassurance to long-term investors, suggesting that panic may not be necessary. He affirmed that Bitcoin's long-term potential remains strong, and a significant bull run is still on the horizon.
Despite a perceived slowdown in exponential growth, Peter Brandt has predicted that the next major bull cycle could propel BTC towards the $200,000 to $250,000 range.
Brandt clarified that this substantial rally is not expected in the immediate future. He indicated that Bitcoin might need to decline as low as $50,000 first to achieve this ambitious target.