The 1970s were one of the most volatile decades in recent economic history, giving rise to a commodities boom that saw soybean prices soar, then plummet.
Bitcoin’s price chart has started to show similarities to the soybean market around 50 years ago, which saw prices top before plummeting 50% as global supply began to outweigh demand, warns veteran trader Peter Brandt.
However, other Bitcoin (BTC) analysts are confident that the charts are signaling further upside ahead.
“Bitcoin is forming a rare broadening top on the charts. This pattern is famous for tops,” Brandt told Cointelegraph.