Crypto analysts are skeptical of veteran trader Peter Brandts recent speculation on X that Bitcoin could repeat its 2022 pattern and correct by 75%.Never say never; it just feels very unlikely at the moment, Swyftx lead analyst Pav Hundal told Cointelegraph.Peter Brandt says it doesnt hurt to askIt comes after Brandts recent speculative post on X, questioning whether Bitcoins (BTC) price action will mirror the severe decline in 2022.In November 2021, Bitcoin hit an all-time high of $69,000, only to drop by around 76% over the next 12 months, reaching approximately $16,195 by November 2022, according to CoinMarketCap data.Is Bitcoin $BTC following its 2022 script and setting up for a 75% correction? Doesnt hurt to ask this, does it? Brandt said in a post on Tuesday.Bitcoiners are closely watching as Bitcoins price trades near the $111,970 all-time high.
Source: CoinMarketCapIf a similar decline happened from Bitcoins current price of $107,810, it would fall to around $26,000, a level not seen since September 2023.However, Hundal argues the circumstances are significantly different now.
The difference in macro fundamentals between now and 2022 is profound, he said.In 2022, we had an economic hangover from the COVID-era of money printing and stimulus.
The environment today is totally different, he explained.
An August 2021 survey showed that one in ten Americans between 18 and 34 invested part of their COVID-19 stimulus checks into crypto assets.FTX, Fed stance and other factors impacted the 2021 cycleBitcoin author and analyst Andy Edstrom acknowledged Brandts 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, Edstrom said.Source: Peter BrandtEdstrom said the 2021 cycle was truncated by the collapse of FTC, with the crypto exchange failing to fill its customers orders and instead selling them paper BTC.Edstrom also attributed the steep decline in 2021 to the US Federal Reserves move toward a more hawkish stance.
Speaking to Cointelegraph, Collective Shift senior research analyst Simon Amery said while the Federal Reserve started winding down quantitative easing in November 2021, monetary policy is now "heading in the opposite direction."Saylor shuts down any bear calls over BitcoinMeanwhile, crypto analyst Colin Talks Crypto believes the prediction is unlikely, as Bitcoins price hasnt peaked yet.
Sentiment is pretty bad for this to be a top.
Theres no euphoria on the timeline, he said.Related: Bitcoin price prepares for volatility as spot supply vanishesHundal said that while some technical analysis is pointing to a big cyclical wash, all the evidence he sees is that Bitcoin is sitting at an inflection point for easing conditions.Strategy co-founder and Bitcoin maxi Michael Saylor strongly disagrees with any chance of a Bitcoin drawdown soon.Winter is not coming back, Saylor told Bloomberg on Tuesday.
Were past that phase; if Bitcoins not going to zero, its going to $1 million.Magazine: Elon Musk Dogecoin pump incoming? SOL tipped to hit $300 in 2025: Trade SecretsThis article does not contain investment advice or recommendations.
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