Veteran trader Peter Brandt has warned that Bitcoin’s price chart is starting to resemble the soybean market of the 1970s — a period when prices peaked before plunging 50% as global supply overtook demand.
“Bitcoin is forming a rare broadening top on the charts, a pattern historically associated with market tops,” Brandt said. “In the 1970s, soybeans formed a similar top and then declined 50% in value.”
Still, several other Bitcoin analysts remain optimistic, arguing that current chart patterns point to further upside ahead.
Brandt cautioned that if history repeats itself, the fallout could extend beyond Bitcoin — potentially leaving Michael Saylor’s company, MicroStrategy, “underwater.”
MicroStrategy’s (MSTR) stock has fallen 10.13% over the past month, as corporate Bitcoin holdings come under pressure from a sharp decline in net asset values (NAV).
Bitcoin’s “final thrust” may never arrive, Brandt warns
Brandt also suggested that the much-anticipated final surge in Bitcoin’s price might never materialize. Instead, he warned, Bitcoin could slip back into a bearish phase, potentially dropping to levels around $60,000.
Most analysts, however, maintain that Bitcoin still has one major rally left in this cycle — a move that could send prices soaring as high as $250,000, according to industry figures like BitMEX co-founder Arthur Hayes.
Historically, the fourth quarter has been Bitcoin’s strongest, delivering an average return of 78.49%, data from CoinGlass shows.
October, in particular, has also earned a reputation as one of Bitcoin’s most bullish months.
However, market sentiment has turned negative after U.S. President Donald Trump’s recent tariff announcement sparked a broader market sell-off from record highs, prompting analysts to adopt a more cautious outlook.
Crypto sentiment drops to “Extreme Fear”
Despite October’s reputation as a bullish month for crypto, the Crypto Fear & Greed Index fell to an “Extreme Fear” level of 25 in its Wednesday update.
“Bitcoin really needs to hold this level, maintain its higher lows, and make another push toward the monthly open, where it was rejected yesterday,” trading account AlphaBTC commented on X.
Still, not everyone is bearish.
David Hernandez, a crypto investment specialist at 21Shares, said Bitcoin’s “opportunity window” could reopen quickly if the upcoming U.S. Consumer Price Index (CPI) report shows signs of easing inflation or reinforces the “immaculate disinflation” narrative, potentially setting the stage for another leg up in prices.
“Bitcoin is coiled and ready to spring upward.”
Meanwhile, Michaël van de Poppe, founder of MN Trading Capital, highlighted gold’s recent 5.5% decline from its highs as a potential signal that “the rotation” into Bitcoin and altcoins may already be underway.
