Peter Brandt, a well-known trader, said in a social media post that the bitcoin price chart is beginning to show a similar pattern to the soybean market about 50 years ago. At that time, the soybean price plummeted 50% due to global oversupply after peaking.
"Bitcoin is forming a rare expansionary top pattern, which typically occurs when the market peaks," Brandt said. He added: "In the 1970s soybeans formed a similar top structure and then fell in value by 50 per cent."
However, other bitcoin analysts believe that from a technical standpoint, bitcoin still has room for further growth.
Trader Peter Brandt: Bitcoin chart recreates 1970s soybean bubble characteristics
2025-10-22 05:56:43
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