Longtime analyst and trader Peter Brandt told his over 607,000 Twitter followers that Bitcoin (CRYPTO: BTC) has violated a key metric in its bullish advance. Brandt, a Futures/FX career trader since 1975, is known for calling the beginning of the previous bear market in early 2018.

On Saturday, Brandt added a follow-up tweet indicating that his previous chart does not necessarily tell the whole story.

The analyst has previously indicated on Twitter that parabolic advance violations can lead to a more than 80% drop in value, which would take Bitcoin down to the range of $8,340 from current prices.

He cautioned traders who are buying the dip in Bitcoin, and reflected on the massive decline in the silver market over 40 yeas ago.

Meanwhile, today’s Bitcoin Fear and Greed Index is at a level not seen since July 21, 2021.

Bitcoin was priced at $41,570.72 on Saturday, falling 0.40% in the previous 24 hours.

Related Link: Bitcoin, Ethereum, Dogecoin Take A Hit As Market Gets Gripped By ‘Extreme Fear’ — Why This Analyst Thinks Apex Coin Has More Pain In Store For Investors

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