Bitcoin (BTC) Flirts with New Highs as Peter Brandt Warns of Imminent 75% Crash

Even as Bitcoin (BTC) flirts with new highs, veteran trader Peter Brandt has issued a stark warning: a massive 75% crash could be imminent.

Veteran trader Peter Brandt is known for his blunt insights, and recently, he issued a bleak message to Bitcoin (BTC) traders, warning of a massive 75% crash.

As Bitcoin flirts with new highs, Brandt’s alert arrives ahead of crucial US CPI data, which could decide BTC’s fate.

Brandt's warning is chilling in its simplicity. Comparing Bitcoin's 2022 chart to the present, he questions if "Bitcoin ($BTC) [is] following its 2022 script and setting up for a 75% correction?"

The chart shows BTC at a crossroads, with potential for a break higher or a deep plunge.

While recent bullish momentum has propelled Bitcoin to $110,000, on-chain data from Glassnode reveals the derivatives market might be overheating.

Despite low funding rates, a surge in short liquidations and increasing long-side premiums indicate potential short-term volatility.

The macroeconomic scene will also play a role, especially the upcoming US CPI numbers for May. An inflation uptick might trigger selling pressure and delay Federal Reserve rate cuts.

Nevertheless, a recent $1 billion increment in Tether’s USDT supply offers a contrasting view, possibly injecting liquidity for a Bitcoin rally.

The market keenly awaits Wednesday’s CPI announcement.