Peter Brandt, a well-known veteran of the trading community, recently took to X to share a worrying outlook on Bitcoin’s price trajectory.

Brandt's warning comes amid relatively stagnant performance for the leading cryptocurrency, which has failed to make decisive moves towards new records in recent months.

Brandt pointed to a historical pattern that could signal a 75% drop for Bitcoin.

Why a 75% Drop May Be Looming

In his post, Peter Brandt highlighted that Bitcoin has been holding sideways for 30 weeks since its last all-time high (ATH).

He referenced historical patterns, explaining that when Bitcoin fails to make a new ATH within that period, it usually faces a decline of over 75%.

Brandt emphasized the importance of Bitcoin breaking out to the upside soon, suggesting that a significant drop could occur if it does not.

He also mentioned that markets that do not show upward momentum often struggle.

Bitcoin Performance and Fundamental Analysis

Despite Brandt's cautious warning, Bitcoin has regained ground after briefly dipping below $60,000.

Today, Bitcoin is trading at $62,172, up 2.8% in the last 24 hours after hitting a low of $58,982 yesterday.

While some traders remain hopeful that Bitcoin will continue its bullish trajectory, others are becoming concerned about potential volatility, especially considering the historical patterns that Brandt outlined.

Data from the CryptoQuant platform further supports the notion of potential downward pressure.

According to a recent analysis, BTC's Coinbase Premium Gap has reached its lowest level since August, signaling a wave of selling activity.

The Coinbase Premium Gap measures the difference between the price of Bitcoin on Coinbase (a US-based exchange) and other global exchanges.

A positive premium generally indicates strong buying pressure from American investors, while a negative premium may reflect decreasing demand.

The current negative premium could suggest that institutional interest in Bitcoin is waning, adding weight to Brandt's observation that Bitcoin could be on the verge of a significant correction.

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