Oh, dear readers, gather ’round, for I have a tale of woe and digital despair to share with you. The great and wise Peter Brandt, a trader of such legendary status that his words could make the very markets tremble, has cast a shadow over the world of Bitcoin. It seems, my friends, that the chart of this digital marvel is whispering the same ominous warnings that preceded the great crash of 2021. 📉
In a recent missive from his digital pulpit on X, Brandt shared a weekly Bitcoin chart that reveals a pattern of sideways consolidation, much like a snake coiling before the strike. This pattern, dear readers, is eerily reminiscent of the calm before the storm that saw Bitcoin lose over half its value in late 2021. If you look closely at the yellow zones on the chart, you can almost hear the echoes of the past, a bearish setup that could spell doom for the unwary. 🐻
Back in 2021, Bitcoin basked in the glory of trading at over $60,000 for a few weeks, but then, like a mirage in the desert, it vanished into a deep and dark bear market. Now, Brandt suggests that the current consolidation, just above $104,000, might follow a similar path. In his own words, he asks, “November 2021 all over again?”
November 2021 all over again?
— Peter Brandt (@PeterLBrandt) June 14, 2025
His post, of course, sparked a lively debate. One user, ever the optimist, argued that Bitcoin’s fundamentals are stronger now than they were in 2021, and that there is “no reason to worry” from a technical standpoint. But Brandt, with the wisdom of a seasoned trader, countered that fundamentals are often clearest at the top and darkest at the bottom. 🌠
But mining?
Another user, perhaps a miner himself, pointed out that the cost of mining Bitcoin acts as a safety net, suggesting that the current price is much closer to the average production cost than it was in 2021. This, he argued, could limit the risk of a major drop. But Brandt, ever the contrarian, dismissed this notion, saying that production costs are of little consequence when it comes to commodities. He believes that no matter how profitable it is, producers will continue to flood the market with Bitcoin, gold, or even agricultural products, and the market cares not for cost-based floors. 🤷♂️
So, dear readers, as Bitcoin continues to trade within a tight range, traders are divided between those who see a breakout on the horizon and those who fear a breakdown. Brandt’s warning, a voice in the wilderness, stands in stark contrast to the usual chorus of optimism, reminding us that the lessons of the past may yet prove more valuable than the fleeting sentiments of the present. 🕰️
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2025-06-15 12:54