- Peter Brandt has called Bitcoin’s recent recovery as a “dead cat bounce,” as the market crashed.
- He has also criticized both Bitcoin holders and prominent figures like Michael Saylor.
- Brandt’s analysis implies Bitcoin could drop below $70,000, suggesting continuation of bearish trend.
Following bitcoin’s correction to $86,000, veteran trader Peter Brandt has mocked the initial recovery, saying the dead cat bounce is over. While this may sound like a harmless joke, Brandt’s stance has been a bit worrying recently.
He quoted an older X post in which he predicted that the Bitcoin recovery was a dead cat bounce last week, implying that this correction marked the end of the “bounce”. However, his “negativity” toward the asset doesn’t end there.
Peter Brandt Calls for Bitcoin Crash
The prediction of Bitcoin’s correction by Brandt seems harmless and from many years of experience (he’s a veteran trader after all), but a closer look would reveal a pinch of pleasure in it, which isn’t much of a surprise – he recently called for the U.S. government to crash Bitcoin so Michael Taylor’s Strategy could become bankrupt.
He has also alleged that Strategy was built on debt and crashing Bitcoin to $30,000 would cause the company to liquidate. While there’s no obvious friction between him and Saylor, he has been quite critical of the Bitcoin billionaire of late, just like Peter Schiff who has challenged him to a debate.
This isn’t all though. Earlier this year, he slammed Bitcoin Hodlers for getting overly excited, saying it’s just an asset. While Brandt isn’t entirely anti-Bitcoin like Schiff, his recent disposition may suggest that he isn’t advocating for its growth either, which may be quite disappointing to some of his loyal followers who are Bitcoiners.
Is Peter Brandt Right About $70,000?
Apart from highlighting the dead cat bounce which he predicted, Brandt has also shared an analysis that suggests Bitcoin may be heading lower than it currently is. He implied that the coin could drop below $70,000 with a lower support at around $40,000.
Although he can be a bit of a tease sometimes, Brandt has proven to know his onions when it comes to charts. If he turns out to be right about this potential crash below $70,000, it means the current crypto bearish trend is far from over.
More Must-Reads:
- Extreme Crypto Turmoil Points to Bottom, Veteran Suggests
- Crypto Market Slips Back Into the Red After Brief Rally
- $210 Billion Crypto Crash Fuels New Manipulation Allegations
What do you think?
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