According to Cointelegraph, veteran trader Peter Brandt speculated on X that Bitcoin might repeat the 2022 pattern and pull back 75%, raising doubts among analysts. Swyftx chief analyst Pav Hundal believes this possibility is low.
Brandt posted on X asking if Bitcoin will drop significantly like it did in 2022. In November 2021, Bitcoin reached an all-time high of $69,000 and then fell about 76% over the following year.
If it drops 75% from the current price of $107,810, Bitcoin would fall to about $26,000. Hundal points out that the current macroeconomic environment is very different from that of 2022.
Analyst Andy Edstrom acknowledges Brandt's view but believes there won't be a 75% drop. Colin Talks Crypto and Michael Saylor are also skeptical about a significant pullback, with Saylor thinking Bitcoin will rise to $1 million.
