Legendary crypto trader and technical analyst Peter Brandt is asking Bitcoin bulls two difficult questions.
In a new tweet, Brandt asks his 523,000 followers two things about the historical price action of Bitcoin as the world’s largest crypto by market cap struggles to reclaim $40,000 after a 50% drop.
“Challenge to $BTC price historians
In the past 10 years (since May 2011) please identify a single (even one) instance:
1. When a 50%-plus correction did not lead to at least a 70% correction
2. When a 50%+ correction made a new ATH within 7 months.”
Though the question appears to be unanswerable and could suggest that Bitcoin has more downside ahead of it and that a new all-time high for BTC won’t come until at least December, Brandt received a flurry of feedback.
In response to Brandt’s hard questions, widely-followed on-chain data analyst Willy Woo argues that previous large drops happened when Bitcoin was already much higher