A well-known analyst believes that bitcoin could fall by 75%

Trader and crypto analyst Peter Brandt has suggested that bitcoin is at risk of a 75% collapse, as the first cryptocurrency has been unable to break its record high for more than 30 weeks.

Brandt recalled that bitcoin reached its record high of over $ 73,000 back in early March. However, a correction followed, and since then, bitcoin has not been able to overcome the pullback due to geopolitical tensions and economic uncertainty. Currently, the first cryptocurrency is trading at $ 60,000, which is about 18% below its peak.

According to the chart, BTC is hovering near its 8-week moving average of $ 60,998. Bitcoin is trading in a narrow range, and its inability to quickly break through the «resistance line» could be a sign of weakness, Brandt said. According to his forecast, bitcoin will face a bearish trend in the market in the near future. If a 75% collapse starts at the current rate, BTC could fall to $ 15,000, which is the level at which bitcoin was last traded in the fourth quarter of 2022.

However, another cryptocurrency analyst, Mike Alfred, disagreed with Brandt’s forecast. He wrote on social media platform X that Brandt is more focused on graphical models than on bitcoin’s capabilities, so he can understand the long-term potential of the main cryptocurrency. As Alfred put it, bitcoin does not obey anyone’s rules due to its unique position in the global financial system.