Veteran trader Peter Brandt is sending a warning bell to Bitcoin traders, claiming the current chart structure resembles that of a repeating past crash. According to Brandt’s analysis, Bitcoin’s sideways consolidation near recent highs hints at a possible bear market similar to the one experienced in late 2021, just before the coin lost over 50% of its value. His analysis showcases this similarity through a chart depicting both the current and historical patterns with yellow zones indicating a bearish setup. The warning comes after Bitcoin reached a new all-time high above $104,000 in June 2025. This has sparked debate within the cryptocurrency community; some argue that the current state of Bitcoin is much stronger than it was back in 2021 while others highlight the similarities between their price movements. While production costs are a hot topic, Brandt asserts that they don’t matter when dealing with commodities like Bitcoin. He believes that market dynamics operate beyond cost-based factors and might influence the direction of the market. Current trading conditions remain divided between expectations of a breakout or breakdown as traders wait to see which path prevails.