There is a heated debate among top market analysts. This follows suggestions from veteran crypto trader Peter Brandt that Bitcoin’s recent price movements dangerously mirror patterns observed in the 1970s soybean market.
This pattern indicates that the current cycle may have already peaked.
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Unusual “broadening top” formation
Peter Brandt is a veteran trader and chart analyst who has been active in the futures and foreign exchange markets since 1975. He has earned a reputation for decades for his accurate trend forecasting and trading across the commodity, futures, and cryptocurrency markets.
Brandt became particularly famous for his pattern analysis, which accurately predicted Bitcoin price trends from 2017 to 2018.
In a recent X post, Brandt noted that Bitcoin is currently forming an unusual “widening upside” pattern on the charts. This technical analysis formation is characterized by two increasingly divergent trend lines.
This action creates a megaphone shape as prices fluctuate over a wider range.
This pattern is usually recognized as a reversal signal that appears at the top of an uptrend. Completion of a pattern often results in a sharp breakdown below the lower trendline, marking the beginning of a major bearish reversal.
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Historical similarities between soy and MSTR risks
Brandt drew a direct historical comparison to justify his caution, saying, “In 1977, soybeans formed an expanding top, but have since lost 50% in value. Today, Bitcoin forms a similar pattern.”
He highlighted significant market risks, saying, “If BTC$ falls by 50%, MSTR$ will be underwater.” The possibility that the collapse of MicroStrategy (MSTR) could trigger a downward spiral in Bitcoin is an unusual but known scenario. This is considering MSTR’s huge BTC holdings.
Brandt concluded that contrary to market expectations, a major bull market may not materialize this cycle. Instead, he suggested that Bitcoin could fall to $60,000.
Countermeasure: Is it a bullish “wedge”?
Mr. Brandt’s weak claims have not gone unchallenged. Renowned chart analyst @themarketsniper immediately responded to Brandt’s post.
@themarketsniper agreed that both the 1970s Soybean chart and the 2025 Bitcoin chart show an expansionary structure characterized by rising highs and falling lows. However, he argued that their meanings are distinguished by underlying tendencies.
He claimed that the soybean chart is an ascending megaphone pattern formed during an uptrend. In contrast, Bitcoin price is currently located within a downward expanding wedge.
He noted that this wedge is a structure in which downward selling pressure weakens as energy accumulates, ultimately portending a bullish breakout.
