Technical analyst Peter Brandt sees historical echoes of the soybean market crash, but some experts argue Bitcoin’s rally still has room to grow.
Bitcoin’s current price pattern is drawing comparisons to one of the most dramatic commodity cycles in history. According to veteran trader Peter Brandt, the world’s largest cryptocurrency may be repeating the 1970s soybean bubble, when soaring prices suddenly collapsed by half as market fundamentals shifted.
“In the 1970s, soybeans formed such a top, then declined 50% in value,” Brandt explained, highlighting the striking similarity between the two charts.
Peter Brandt uses the soybean chart in 1977 to point out similarities with Bitcoin’s current price chart
Bitcoin has fallen roughly 5.3% in the past 30 days, echoing early warning signs that appeared before the soybean collapse five decades ago. Brandt also warned that if this pattern repeats, major corporate holders such as MicroStrategy could face significant losses. The firm’s stock (MSTR) has already dropped over 10% amid pressure on Bitcoin-tied treasuries.
However, not everyone shares Brandt’s cautious view. Analysts such as Arthur Hayes, co-founder of BitMEX, expect one final explosive rally that could send Bitcoin as high as $250,000. Historical data also supports optimism — Q4 has been Bitcoin’s strongest quarter, averaging gains of 78%, according to CoinGlass.
Q4 is historically the most bullish quarter for crypto. : CoinGlass
Despite that, the Crypto Fear & Greed Index has plunged to “Extreme Fear”, signaling growing investor anxiety.
“Bitcoin really needs to hold here, keeping the recent higher lows intact,” said trader AlphaBTC, noting the importance of maintaining technical support zones.
Still, others see potential catalysts ahead. 21Shares analyst David Hernandez suggested that a favorable U.S. inflation report could revive bullish momentum, adding that “Bitcoin is coiled and ready to spring upward.” Similarly, Michaël van de Poppe, founder of MN Trading Capital, pointed to gold’s recent 5.5% decline as a sign that “the rotation into Bitcoin and altcoins may be starting.”
While Peter Brandt’s historical comparison warns of a potential downturn, market sentiment remains split. Whether Bitcoin follows the soybean market’s crash — or stages another legendary rally — may depend on macroeconomic shifts in the coming months.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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