Procore signs multi-year strategic collaboration agreement with AWS
U.Today - Bitcoin (BTC) may be standing tall above $109,000, but veteran trader Peter Brandt is raising a red flag — and it is not the first time he has done so. In a recent X post, Brandt asked a worrying, yet simple, question that is already echoing across the crypto space.
For context, Brandt is one of the longest-standing chartists in the game, known for calling major crypto tops — and bottoms — long before they hit the headlines. This time, he is pointing to an eerie structural similarity between the current Bitcoin setup and what played out in 2022, when BTC tanked from just under $70,000 all the way to the low $16,000s.
One of the charts he references shows a potential double top formation playing out on the weekly frame. Another marks out a “bump-and-run” reversal zone — a classic pattern that often precedes deep corrections.
While the price is currently floating near local highs, above the $109K mark, Brandt’s hypothetical projection lands BTC back at the $27K zone. That would be a 75% drawdown — nearly $82,000 shaved off the top — and back into territory most bulls hoped they would never revisit.
It is interesting that this warning came out at this time. With BTC close to its all-time highs and ETF momentum still strong, a lot of people on the market are feeling optimistic. But Brandt’s careful approach offers a counterweight: prices do not always go up in a straight line, and history tends to repeat itself — sometimes when it hurts the most.
No one’s calling the top with certainty, not even Brandt. But in his words, "It’s worth asking, right?" Whether it is just a mental exercise or a legit warning, traders might want to keep an eye on the charts and another on history.