In the dusty corners of the crypto world, where dreams are spun like cotton candy and reality often tastes like stale bread, the whispers of skepticism echo. Veteran trader Peter Brandt, a man who has seen the rise and fall of many a digital coin, recently took to X to speculate that Bitcoin might just repeat its dramatic 2022 crash, plummeting by a staggering 75%. Oh, the audacity! 😲
“Never say never; it just feels very unlikely at the moment,” mused Swyftx lead analyst Pav Hundal, as if pondering the weather in a drought-stricken land. His words, like a gentle breeze, carried a hint of doubt to the ears of the hopeful. 🌬️
Peter Brandt says it “doesn’t hurt to ask”
Brandt, in his recent musings, questioned whether Bitcoin’s (BTC) price action would mirror the severe decline of yesteryear. In November 2021, Bitcoin reached a dizzying height of $69,000, only to tumble down the rabbit hole, losing around 76% of its value by November 2022, landing at a mere $16,195. Quite the rollercoaster, wouldn’t you say? 🎢
“Is Bitcoin $BTC following its 2022 script and setting up for a 75% correction? Doesn’t hurt to ask this, does it?” Brandt quipped, as if he were asking if the sky was blue. 🌌
Now, if Bitcoin were to take a nosedive from its current price of $107,810, it would land at around $26,000—a level not seen since the days when we were still trying to remember what life was like before the pandemic. 🦠
But Hundal, ever the pragmatist, argues that the times have changed. “The difference in macro fundamentals between now and 2022 is profound,” he stated, as if he were a sage imparting wisdom. “In 2022, we had an economic hangover from the COVID-era of money printing and stimulus. The environment today is totally different,” he explained, with the air of someone who has seen too many parties end in tears. 🍾
FTX, Fed stance and other factors impacted the 2021 cycle
Bitcoin author and analyst Andy Edstrom acknowledged Brandt’s reasoning for a correction but disagreed that it would be as drastic. “So far it is, but not the 75% magnitude because the dip between the double-tops this year was far less severe than in 2021,” he said, as if trying to soothe a restless child. 🍼
Edstrom noted that the 2021 cycle was “truncated” by the collapse of FTC, where the crypto exchange failed to fill its customers’ orders and instead sold them ‘paper’ BTC. A classic case of “you get what you pay for,” if you ask me. 💸
He also pointed to the US Federal Reserve’s hawkish stance as a contributing factor to the steep decline in 2021. Speaking to CryptoMoon, Collective Shift senior research analyst Simon Amery remarked that while the Federal Reserve started winding down quantitative easing in November 2021, monetary policy is now “heading in the opposite direction.” Quite the plot twist! 📉
Saylor shuts down any bear calls over Bitcoin
Meanwhile, crypto analyst Colin Talks Crypto believes the prediction is unlikely, as Bitcoin’s price hasn’t peaked yet. “Sentiment is pretty bad for this to be a top. There’s no euphoria on the timeline,” he said, as if reading the room at a party where no one is dancing. 💃
Hundal mentioned that while some technical analysis points to a big cyclical wash, all the evidence he sees suggests Bitcoin is “sitting at an inflection point for easing conditions.” A fancy way of saying, “Hold on to your hats!” 🎩
Strategy co-founder and Bitcoin maxi Michael Saylor, however, strongly disagrees with any chance of a Bitcoin drawdown soon. “Winter is not coming back,” Saylor declared to Bloomberg on Tuesday. “We’re past that phase; if Bitcoin’s not going to zero, it’s going to $1 million.” Now that’s a bold prediction! 💰
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2025-06-12 09:06