Legendary commodities trader Peter Brandt has issued a stark warning regarding the current state of the Bitcoin (BTC) price chart, drawing a bearish comparison to the highly volatile soybean market of the 1970s. Brandt suggests the flagship cryptocurrency may be setting up for a major decline, despite a prevailing bullish outlook from much of the crypto community.

The veteran analyst points to a specific technical formation, stating, "<a href="https://www.cryptoknowmics.com/news/bitcoin-retail-interest-lags-market-sentiment-flips-to-extreme-fear/">Bitcoin</a> is forming a rare broadening top on the charts. This pattern is famous for tops." He elaborated on the historical danger of this signal, recalling a similar event decades ago: "In the 1970s, Soybeans formed such a top, then declined 50% in value." Should history repeat, such a drop would not only impact Bitcoin's market but also put Michael Saylor’s MicroStrategy (MSTR), which heavily holds BTC, "underwater."
<h3>Bearish Outlook Contests $250K Targets</h3>
Brandt’s analysis directly <a href="https://twitter.com/mark_cullen/status/1980839596809183492">challenges</a> the widespread expectation that Bitcoin is gearing up for one last parabolic rally, often referred to as the "final thrust." He cautions that this anticipated pump "may not come to pass," projecting a potential move to bear levels as low as $60,000.

However, the crypto market remains divided. Despite the Crypto Fear &amp; Greed Index hitting an "Extreme Fear" score of 25—often seen as a capitulation signal—many prominent analysts maintain bullish expectations, with some, like BitMEX co-founder Arthur Hayes, still predicting a peak near $250,000. Furthermore, analysts cite historical data showing the fourth quarter (Q4) is typically Bitcoin's strongest, reinforcing the argument that "Bitcoin is coiled and ready to spring upward."

Veteran Trader Warns Bitcoin Chart Mirrors 1970s Commodity Bubble

Legendary trader Peter Brandt issues a dire warning, comparing Bitcoin’s chart to the 1970s soybean top, which preceded a 50% crash. Analysts debate a $60K floor.

Veteran Trader Warns Bitcoin Chart Mirrors 1970s Commodity Bubble

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