Is Bitcoin Headed For A Meltdown? Veteran Trader Sees 75% Crash Ahead
Bitcoin's price recently surged to approximately $109,192, with a 1.87% increase in 24 hours and a 3.61% rise over the past week. Veteran trader Peter Brandt warns that this could precede a significant crash, potentially dropping Bitcoin by 75% to around $27,290, erasing over two years of gains. Brandt draws parallels to the 2022 market, where Bitcoin peaked at $69K before a steep decline. Current technical indicators show bearish signals, with the 9-period EMA crossing below the 21-period EMA, suggesting a potential downtrend. Bitcoin's trading volume increased by nearly 30% to $100 billion, but the long/short ratios indicate more shorts than longs. Bitcoin experienced $57 million in outflows, while Ethereum products gained $295 million. The market is at a critical juncture, with traders closely monitoring the $108,000 support level. A failure to maintain this level could trigger panic among investors.
