Key TakeawaysVeteran trader Peter Brandt warns that Bitcoin’s current chart resembles the 1970s soybean market, which crashed 50% after forming a similar top pattern.Brandt says Bitcoin’s long-awaited “final thrust” rally may never come, with potential downside to $60,000.Other analysts remain optimistic, expecting a Q4 recovery and a final leg higher toward $250,000.Brandt Compares Bitcoin’s Chart to the 1970s Soybean BubbleBitcoin’s price pattern is beginning to mirror one of the most dramatic commodity bubbles in modern history, according to veteran trader Peter Brandt.Brandt told Cointelegraph that Bitcoin appears to be forming a “broadening top” pattern — a formation historically associated with market peaks.“Bitcoin is forming a rare broadening top on the charts. This pattern is famous for tops,” Brandt said. “In the 1970s, soybeans formed such a top, then declined 50% in value.”In the 1970s commodities boom, soybean prices skyrocketed before collapsing as global supply outpaced demand — a warning Brandt says could apply to Bitcoin’s current setup.Bitcoin’s “Final Thrust” Rally May Not ComeBrandt cautioned that Bitcoin’s long-anticipated “final thrust” to new highs could fail to materialize, warning of a potential retracement to $60,000 if history repeats.Bitcoin has dropped 5.3% over the past month, while MicroStrategy (MSTR) — the largest corporate BTC holder — is down over 10%, highlighting pressure on corporate treasuries following the recent market correction.“If the pattern plays out like the soybean market, it won’t just impact Bitcoin holders — MicroStrategy could be left underwater,” Brandt said.Analysts Split: $60K or $250K Next?Despite Brandt’s bearish view, several analysts remain bullish on Bitcoin’s long-term structure.BitMEX co-founder Arthur Hayes recently said Bitcoin could still surge to $250,000 before the current cycle ends. Historical data supports the case for renewed strength: according to CoinGlass, Q4 is Bitcoin’s strongest quarter, with an average return of 78.49%.October also tends to mark the start of seasonal bullish momentum across crypto markets.Market Sentiment Dips to “Extreme Fear”Still, short-term sentiment has weakened after U.S. President Donald Trump’s tariff comments sparked a broad market pullback from record highs.The Crypto Fear & Greed Index fell to 25, signaling “Extreme Fear.”Analysts say Bitcoin needs to hold current support levels and reclaim the monthly open to avoid deeper losses.“Bitcoin really needs to hold here, keeping recent higher lows intact,” said trader AlphaBTC on X.Macro Tailwinds Could Reignite the RallySome analysts believe Bitcoin’s current pullback may be short-lived if macro data turns favorable.David Hernandez, crypto investment specialist at 21Shares, said Bitcoin remains “coiled and ready to spring upward” if U.S. inflation data supports continued disinflation.Meanwhile, MN Trading Capital’s Michaël van de Poppe noted that gold’s 5.5% decline from recent highs could signal capital rotation back into Bitcoin and altcoins.“If gold has peaked, that rotation may already be underway,” he said.
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